Question 4
The stockholders’ equity section of
Tootsie Roll Industries’
balance sheet is shown in the Consolidated Statement of Financial Position.
(Note that Tootsie Roll has two classes of common stock. To answer the following questions, add the two classes of stock together.)
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
$35,198
$54,246
$56,002
Retained earnings at beginning of year.
$135,866
$147,687
$144,949
Net earnings
43,938
53,063
53,157
Cash dividends
(18,360
)
(18,078
)
(17,790
)
Stock dividends
(47,175
)
(46,806
)
(32,629
)
Retained earnings at end of year
$114,269
$135,866
$147,687
Earnings per share
$0.76
$0.90
$0.89
Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
Assets
December 31,
2011
2010
CURRENT ASSETS:
Cash and cash equivalents
$78,612
$115,976
Investments
10,895
7,996
Accounts receivable trade, less allowances of $1,731 and $1,531
41,895
37,394
Other receivables
3,391
9,961
Inventories:
Finished goods and work-in-process
42,676
35,416
Raw materials and supplies
29,084
21,236
Prepaid expenses
5,070
6,499
Deferred income taxes
578
689
Total current assets
212,201
235,167
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land
21,939
21,696
Buildings
107,567
102,934
Machinery and equipment
322,993
307,178
Construction in progress
2,598
9,243
455,097
440,974
Less—Accumulated depreciation
242,935
225,482
Net property, plant and equipmen.
Exercise 11-5Garcia Corporation recently hired a new accountant .docxgitagrimston
Exercise 11-5
Garcia Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation’s capital stock.
May 2
Cash
108,080
Capital Stock
108,080
(Issued 7,720 shares of $10 par value common stock at $14 per share)
10
Cash
516,630
Capital Stock
516,630
(Issued 10,130 shares of $15 par value preferred stock at $51 per share)
15
Capital Stock
9,360
Cash
9,360
(Purchased 780 shares of common stock for the treasury at $12 per share)
On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Exercise 11-7
On October 31, the stockholders’ equity section of Pele Company’s balance sheet consists of common stock $361,200 and retained earnings $414,400.
Pele is considering the following two courses of action:
(1)
Declaring a 6% stock dividend on the 90,300 $4 par value shares outstanding
(2)
Effecting a 2-for-1 stock split that will reduce par value to $2 per share.
The current market price is $17 per share.
Prepare a tabular summary of the effects of the alternative actions on the company’s stockholders’ equity and outstanding shares.
Pele Company’s
Balance Sheet
Before Action
After Stock Dividend
After Stock Split
Stockholders’ equity
Paid-in capital
$
$
$
Retained earnings
Total stockholders’ equity
$
$
$
Outstanding shares
Broadening Your Perspective 11-1
The stockholders’ equity section of Tootsie Roll Industries’ balance sheet is shown in the Consolidated Statement of Financial Position. (Note that Tootsie Roll has two classes of common stock. To answer the following questions, add the two classes of stock together.)
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
...
Question 4The stockholders’ equity section of Tootsie Roll Industr.docxteofilapeerless
Question 4
The stockholders’ equity section of Tootsie Roll Industries’ balance sheet is shown in the Consolidated Statement of Financial Position.
(Note that Tootsie Roll has two classes of common stock. To answer the following questions, add the two classes of stock together.)
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
$35,198
$54,246
$56,002
Retained earnings at beginning of year.
$135,866
$147,687
$144,949
Net earnings
43,938
53,063
53,157
Cash dividends
(18,360
)
(18,078
)
(17,790
)
Stock dividends
(47,175
)
(46,806
)
(32,629
)
Retained earnings at end of year
$114,269
$135,866
$147,687
Earnings per share
$0.76
$0.90
$0.89
Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
Assets
December 31,
2011
2010
CURRENT ASSETS:
Cash and cash equivalents
$78,612
$115,976
Investments
10,895
7,996
Accounts receivable trade, less allowances of $1,731 and $1,531
41,895
37,394
Other receivables
3,391
9,961
Inventories:
Finished goods and work-in-process
42,676
35,416
Raw materials and supplies
29,084
21,236
Prepaid expenses
5,070
6,499
Deferred income taxes
578
689
Total current assets
212,201
235,167
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land
21,939
21,696
Buildings
107,567
102,934
Machinery and equipment
322,993
307,178
Construction in progress
2,598
9,243
455,097
440,974
Less—Accumulated depreciation
242,935
225,482
Net property, plant and equipment
.
Exercise 11-5Garcia Corporation recently hired a new accountant w.docxmodi11
*Exercise 11-5
Garcia Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation’s capital stock.
May 2
Cash
93,470
Capital Stock
93,470
(Issued 7,190 shares of $11 par value common stock at $13 per share)
10
Cash
560,040
Capital Stock
560,040
(Issued 10,770 shares of $16 par value preferred stock at $52 per share)
15
Capital Stock
8,800
Cash
8,800
(Purchased 800 shares of common stock for the treasury at $11 per share)
On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions.
(Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
*Exercise 11-7
On October 31, the stockholders’ equity section of Pele Company’s balance sheet consists of common stock $488,400 and retained earnings $432,000.
Pele is considering the following two courses of action:
(1)
Declaring a 7% stock dividend on the 81,400 $6 par value shares outstanding
(2)
Effecting a 2-for-1 stock split that will reduce par value to $3 per share.
The current market price is $13 per share.
Prepare a tabular summary of the effects of the alternative actions on the company’s stockholders’ equity and outstanding shares.
Pele Company’s
Balance Sheet
Before Action
After Stock Dividend
After Stock Split
Stockholders’ equity
Paid-in capital
$
[removed]
$
[removed]
$
[removed]
Retained earnings
[removed]
[removed]
[removed]
Total stockholders’ equity
$
[removed]
$
[removed]
$
[removed]
Outstanding shares
[removed]
[removed]
[removed]
roadening Your Perspective 11-1
The stockholders’ equity section of Tootsie Roll Industries’ balance sheet is shown in the Consolidated Statement of Financial Position.
(Note that Tootsie Roll has two classes of common stock. To answer the following questions, add the two classes of stock together.)
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,3 ...
Exercise 8-4The ledger of Wainwright Company at the end of the c.docxgitagrimston
Exercise 8-4
The ledger of Wainwright Company at the end of the current year shows Accounts Receivable $76,000; Credit Sales $986,000; and Sales Returns and Allowances $42,200. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(a)
If Wainwright uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Wainwright determines that Hiller’s $1,000 balance is uncollectible.
(b)
If Allowance for Doubtful Accounts has a credit balance of $1,200 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable.
(c)
If Allowance for Doubtful Accounts has a debit balance of $950 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable.
No.
Account Titles and Explanation
Debit
Credit
(a)
(b)
(c)
Exercise 8-11
Suppose the following information was taken from the 2014 financial statements of FedEx Corporation, a major global transportation/delivery company.
(in millions)
2014
2013
Accounts receivable (gross)
$ 3,678
$ 4,608
Accounts receivable (net)
3,374
4,330
Allowance for doubtful accounts
304
278
Sales revenue
34,275
37,054
Total current assets
7,104
7,206
Answer each of the following questions.
Calculate the accounts receivable turnover and the average collection period for 2014 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)
Accounts receivable turnover
times
The average collection period for 2014
days
Broadening Your Perspective 8-1
The financial statements of Tootsie Roll are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
...
Exercise 12-1Putnam Corporation had these transactions during 20.docxmodi11
Exercise 12-1
Putnam Corporation had these transactions during 2014.
Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or noncash investing and financing activities.
(a)
Purchased a machine for $30,000, giving a long-term note in exchange.
(b)
Issued $50,000 par value common stock for cash.
(c)
Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000.
(d)
Declared and paid a cash dividend of $13,000.
(e)
Sold a long-term investment with a cost of $15,000 for $15,000 cash.
(f)
Collected $16,000 of accounts receivable.
(g)
Paid $18,000 on accounts payable.
IFRS 13-1
Ling Company reports the following information for the year ended December 31, 2014: sales revenue $1,000,000, cost of goods sold $700,000, operating expenses $200,000, and an unrealized gain on non-trading securities of $75,000. Prepare a statement of comprehensive income using the one-statement approach.
LING COMPANY
Statement of Comprehensive Income
For the Year Ended December 31, 2014
$
$
$
$
$
$
:
$
$
2.
All over-the-counter receipts are registered by three clerks who share a cash register with a single cash drawer.
3.
To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked attaché case in the stock room until it is deposited in the bank.
4.
At the end of each day the total receipts are counted by the cashier on duty and reconciled to the cash register total.
5.
The company accountant makes the bank deposit and then records the day’s receipts.
Broadening Your Perspective 13-2
The financial statements of
The Hershey Company
and
Tootsie Roll
are presented below.
THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31,
2011
2010
2009
In thousands of dollars except per share amounts
Net Sales
$6,080,788
$5,671,009
$5,298,668
Costs and Expenses:
Cost of sales
3,548,896
3,255,801
3,245,531
Selling, marketing and administrative
1,477,750
1,426,477
1,208,672
Business realignment and impairment (credits) charges, net
(886
)
83,433
82,875
Total costs and expenses
5,025,760
4,765,711
4,537,078
Income before Interest and Income Taxes
1,055,028
905,298
761,590
Interest expense, net
92,183
96,434
90,459
Income before Income Taxes
962,845
808,864
671,131
Provision for income taxes
333,883
299,065
235,137
Net Income
$628,962
$509,799
$435,994
Net Income Per Share—Basic—Class B Common Stock
$2.58
$2.08
$1.77
Net Income Per Share—Diluted—Class B Common Stock
$2.56
$2.07
$1.77
Net Income Per Share—Basic—Common Stock
$2.85
$2.29
$1.97
Net Income Per Share—Diluted—Common Stock
$2.74
$2.21
$1.90
Cash Dividends Paid Per Share:
Common St ...
Problem 12-9AYour answer is partially correct. Try again..docxChantellPantoja184
Problem 12-9A
Your answer is partially correct. Try again.
Condensed financial data of Odgers Inc. follow.
ODGERS INC.Comparative Balance Sheets
December 31
Assets
2014
2013
Cash
$ 131,704
$ 78,892
Accounts receivable
143,114
61,940
Inventory
183,375
167,646
Prepaid expenses
46,292
42,380
Long-term investments
224,940
177,670
Plant assets
464,550
395,275
Accumulated depreciation
(81,500
)
(84,760
)
Total
$1,112,475
$839,043
Liabilities and Stockholders’ Equity
Accounts payable
$ 166,260
$ 109,699
Accrued expenses payable
26,895
34,230
Bonds payable
179,300
237,980
Common stock
358,600
285,250
Retained earnings
381,420
171,884
Total
$1,112,475
$839,043
ODGERS INC.Income Statement Data
For the Year Ended December 31, 2014
Sales revenue
$633,190
Less:
Cost of goods sold
$220,800
Operating expenses, excluding depreciation
20,228
Depreciation expense
75,795
Income tax expense
44,466
Interest expense
7,710
Loss on disposal of plant assets
12,225
381,224
Net income
$ 251,966
Additional information:
1.
New plant assets costing $163,000 were purchased for cash during the year.
2.
Old plant assets having an original cost of $93,725 and accumulated depreciation of $79,055 were sold for $2,445 cash.
3.
Bonds payable matured and were paid off at face value for cash.
4.
A cash dividend of $42,430 was declared and paid during the year.
Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
ODGERS INC.Statement of Cash Flows
For the Year Ended December 31, 2014
$
Adjustments to reconcile net income to
$
$
Problem 12-10A
Condensed financial data of Odgers Inc. follow.
ODGERS INC.Comparative Balance Sheets
December 31
Assets
2014
2013
Cash
$ 151,904
$ 90,992
Accounts receivable
165,064
71,440
Inventory
211,500
193,358
Prepaid expenses
53,392
48,880
Long-term investments
259,440
204,920
Plant assets
535,800
455,900
Accumulated depreciation
(94,000
)
(97,760
)
Total
$1,283,100
$967,730
Liabilities and Stockholders’ Equity
Accounts payable
$ 191,760
$ 126,524
Accrued expenses payable
31,020
39,480
Bonds payable
206,800
274,480
Common stock
413,600
329,000
Retained earnings
439,920
198,246
Total
$1,283,100
$967,730
ODGERS INC.Income Statement Data
For the Year Ended December 31, 2014
Sales revenue
$730,305
Less:
Cost of goods sold
$254,665
Operating expenses, excluding depreciation
23,331
Depreciation expense
87,420
Income taxes
51,286
Interest expense
8,892
Loss on disposal of plant assets
14,100
439,694
Net income
$ 290,611
Additional information:
1.
New plant assets costing $188,000 were purchased for c.
Once each year, a corporation communicates to its stockholders.docxvannagoforth
Once each year, a corporation communicates to its stockholders and other inter-
ested parties by issuing a complete set of audited ! nancial statements. The
annual report , as this communication is called, summarizes the ! nancial results
of the company’s operations for the year and its plans for the future. Many annual
reports are attractive, multicolored, glossy public relations pieces, containing
pictures of corporate of! cers and directors as well as photos and descriptions of
new products and new buildings. Yet the basic function of every annual report is
to report ! nancial information, almost all of which is a product of the corpora-
tion’s accounting system.
The content and organization of corporate annual reports have become fairly
standardized. Excluding the public relations part of the report (pictures, prod-
ucts, etc.), the following are the traditional ! nancial portions of the annual report:
• Financial Highlights
• Letter to the Stockholders
• Management’s Discussion and
Analysis
• Financial Statements
• Notes to the Financial
Statements
• Management’s Responsibility
for Financial Reporting
• Management’s Report on Internal
Control over Financial Reporting
• Report of Independent Registered
Public Accounting Firm
• Selected Financial Data
The of! cial SEC ! ling of the annual report is called a Form 10-K, which
often omits the public relations pieces found in most standard annual reports. On
the following pages, we present Apple Inc.’s ! nancial statements taken from the
company’s 2013 Form 10-K. To access Apple’s Form 10-K, including notes to the
! nancial statements, follow these steps:
1. Go to http://investor.apple.com.
2. Select the Financial Information tab.
3. Select the 10-K annual report dated September 28, 2013.
4. The Notes to Consolidated Financial Statements begin on page 50.
Specimen Financial
Statements: Apple Inc.
Appendix A
A-1
A-2 Appendix A Specimen Financial Statements: Apple Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except number of shares which are reflected in thousands and per share amounts)
See accompanying Notes to Consolidated Financial Statements.
Years ended
September 28, 2013 September 29, 2012 September 24, 2011
Net sales $ 170,910 $ 156,508 $ 108,249
Cost of sales 106,606 87,846 64,431
Gross margin 64,304 68,662 43,818
Operating expenses:
Research and development 4,475 3,381 2,429
Selling, general and administrative 10,830 10,040 7,599
Total operating expenses 15,305 13,421 10,028
Operating income 48,999 55,241 33,790
Other income/(expense), net 1,156 522 415
Income before provision for income taxes 50,155 55,763 34,205
Provision for income taxes 13,118 ...
Question 1 Your answer is correct. Indicate whether each o.docxmakdul
Question 1
Your answer is correct.
Indicate whether each of the following statements is true or false.
1.
The corporation is an entity separate and distinct from its owners.
True
2.
The liability of stockholders is normally limited to their investment in the corporation.
True
3.
The relative lack of government regulation is an advantage of the corporate form of business.
False
4.
There is no journal entry to record the authorization of capital stock.
True
5.
No-par value stock is quite rare today.
False
Question 2
Your answer is correct.
Garcia Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation’s capital stock.
May 2
Cash
103,320
Capital Stock
103,320
(Issued 7,380 shares of $11 par value common stock at $14 per share)
10
Cash
736,170
Capital Stock
736,170
(Issued 13,890 shares of $19 par value preferred stock at $53 per share)
15
Capital Stock
7,800
Cash
7,800
(Purchased 600 shares of common stock for the treasury at $13 per share)
On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
May 2
Cash
103320
Common Stock
81180
Paid-in Capital in Excess of Par Value-Common Stock
22140
May 10
Cash
736170
Preferred Stock
263910
Paid-in Capital in Excess of Par Value-Preferred Stock
472260
May 15
Treasury Stock
7800
Cash
7800
Question 3
Your answer is correct.
On October 31, the stockholders’ equity section of Pele Company’s balance sheet consists of common stock $787,200 and retained earnings $424,200.
Pele is considering the following two courses of action:
(1)
Declaring a 6% stock dividend on the 98,400 $8 par value shares outstanding
(2)
Effecting a 2-for-1 stock split that will reduce par value to $4 per share.
The current market price is $18 per share.
Prepare a tabular summary of the effects of the alternative actions on the company’s stockholders’ equity and outstanding shares.
Pele Company’s
Balance Sheet
Before Action
After Stock Dividend
After Stock Split
Stockholders’ equity
Paid-in capital
$ 787200
$ 893472
$ 787200
Retained earnings
424200
317928
424200
Total stockholders’ equity
$ 1211400
$ 1211400
$ 1211400
Outstanding shares
98400
104304
196800
Question 4
The stockholders’ equity section of Tootsie Roll Industries’ balance sheet is shown in the Consolidated Statement of Financial Position. (N ...
Exercise 11-5Garcia Corporation recently hired a new accountant .docxgitagrimston
Exercise 11-5
Garcia Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation’s capital stock.
May 2
Cash
108,080
Capital Stock
108,080
(Issued 7,720 shares of $10 par value common stock at $14 per share)
10
Cash
516,630
Capital Stock
516,630
(Issued 10,130 shares of $15 par value preferred stock at $51 per share)
15
Capital Stock
9,360
Cash
9,360
(Purchased 780 shares of common stock for the treasury at $12 per share)
On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Exercise 11-7
On October 31, the stockholders’ equity section of Pele Company’s balance sheet consists of common stock $361,200 and retained earnings $414,400.
Pele is considering the following two courses of action:
(1)
Declaring a 6% stock dividend on the 90,300 $4 par value shares outstanding
(2)
Effecting a 2-for-1 stock split that will reduce par value to $2 per share.
The current market price is $17 per share.
Prepare a tabular summary of the effects of the alternative actions on the company’s stockholders’ equity and outstanding shares.
Pele Company’s
Balance Sheet
Before Action
After Stock Dividend
After Stock Split
Stockholders’ equity
Paid-in capital
$
$
$
Retained earnings
Total stockholders’ equity
$
$
$
Outstanding shares
Broadening Your Perspective 11-1
The stockholders’ equity section of Tootsie Roll Industries’ balance sheet is shown in the Consolidated Statement of Financial Position. (Note that Tootsie Roll has two classes of common stock. To answer the following questions, add the two classes of stock together.)
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
...
Question 4The stockholders’ equity section of Tootsie Roll Industr.docxteofilapeerless
Question 4
The stockholders’ equity section of Tootsie Roll Industries’ balance sheet is shown in the Consolidated Statement of Financial Position.
(Note that Tootsie Roll has two classes of common stock. To answer the following questions, add the two classes of stock together.)
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
$35,198
$54,246
$56,002
Retained earnings at beginning of year.
$135,866
$147,687
$144,949
Net earnings
43,938
53,063
53,157
Cash dividends
(18,360
)
(18,078
)
(17,790
)
Stock dividends
(47,175
)
(46,806
)
(32,629
)
Retained earnings at end of year
$114,269
$135,866
$147,687
Earnings per share
$0.76
$0.90
$0.89
Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
Assets
December 31,
2011
2010
CURRENT ASSETS:
Cash and cash equivalents
$78,612
$115,976
Investments
10,895
7,996
Accounts receivable trade, less allowances of $1,731 and $1,531
41,895
37,394
Other receivables
3,391
9,961
Inventories:
Finished goods and work-in-process
42,676
35,416
Raw materials and supplies
29,084
21,236
Prepaid expenses
5,070
6,499
Deferred income taxes
578
689
Total current assets
212,201
235,167
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land
21,939
21,696
Buildings
107,567
102,934
Machinery and equipment
322,993
307,178
Construction in progress
2,598
9,243
455,097
440,974
Less—Accumulated depreciation
242,935
225,482
Net property, plant and equipment
.
Exercise 11-5Garcia Corporation recently hired a new accountant w.docxmodi11
*Exercise 11-5
Garcia Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation’s capital stock.
May 2
Cash
93,470
Capital Stock
93,470
(Issued 7,190 shares of $11 par value common stock at $13 per share)
10
Cash
560,040
Capital Stock
560,040
(Issued 10,770 shares of $16 par value preferred stock at $52 per share)
15
Capital Stock
8,800
Cash
8,800
(Purchased 800 shares of common stock for the treasury at $11 per share)
On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions.
(Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
*Exercise 11-7
On October 31, the stockholders’ equity section of Pele Company’s balance sheet consists of common stock $488,400 and retained earnings $432,000.
Pele is considering the following two courses of action:
(1)
Declaring a 7% stock dividend on the 81,400 $6 par value shares outstanding
(2)
Effecting a 2-for-1 stock split that will reduce par value to $3 per share.
The current market price is $13 per share.
Prepare a tabular summary of the effects of the alternative actions on the company’s stockholders’ equity and outstanding shares.
Pele Company’s
Balance Sheet
Before Action
After Stock Dividend
After Stock Split
Stockholders’ equity
Paid-in capital
$
[removed]
$
[removed]
$
[removed]
Retained earnings
[removed]
[removed]
[removed]
Total stockholders’ equity
$
[removed]
$
[removed]
$
[removed]
Outstanding shares
[removed]
[removed]
[removed]
roadening Your Perspective 11-1
The stockholders’ equity section of Tootsie Roll Industries’ balance sheet is shown in the Consolidated Statement of Financial Position.
(Note that Tootsie Roll has two classes of common stock. To answer the following questions, add the two classes of stock together.)
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,3 ...
Exercise 8-4The ledger of Wainwright Company at the end of the c.docxgitagrimston
Exercise 8-4
The ledger of Wainwright Company at the end of the current year shows Accounts Receivable $76,000; Credit Sales $986,000; and Sales Returns and Allowances $42,200. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(a)
If Wainwright uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Wainwright determines that Hiller’s $1,000 balance is uncollectible.
(b)
If Allowance for Doubtful Accounts has a credit balance of $1,200 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable.
(c)
If Allowance for Doubtful Accounts has a debit balance of $950 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable.
No.
Account Titles and Explanation
Debit
Credit
(a)
(b)
(c)
Exercise 8-11
Suppose the following information was taken from the 2014 financial statements of FedEx Corporation, a major global transportation/delivery company.
(in millions)
2014
2013
Accounts receivable (gross)
$ 3,678
$ 4,608
Accounts receivable (net)
3,374
4,330
Allowance for doubtful accounts
304
278
Sales revenue
34,275
37,054
Total current assets
7,104
7,206
Answer each of the following questions.
Calculate the accounts receivable turnover and the average collection period for 2014 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)
Accounts receivable turnover
times
The average collection period for 2014
days
Broadening Your Perspective 8-1
The financial statements of Tootsie Roll are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
...
Exercise 12-1Putnam Corporation had these transactions during 20.docxmodi11
Exercise 12-1
Putnam Corporation had these transactions during 2014.
Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or noncash investing and financing activities.
(a)
Purchased a machine for $30,000, giving a long-term note in exchange.
(b)
Issued $50,000 par value common stock for cash.
(c)
Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000.
(d)
Declared and paid a cash dividend of $13,000.
(e)
Sold a long-term investment with a cost of $15,000 for $15,000 cash.
(f)
Collected $16,000 of accounts receivable.
(g)
Paid $18,000 on accounts payable.
IFRS 13-1
Ling Company reports the following information for the year ended December 31, 2014: sales revenue $1,000,000, cost of goods sold $700,000, operating expenses $200,000, and an unrealized gain on non-trading securities of $75,000. Prepare a statement of comprehensive income using the one-statement approach.
LING COMPANY
Statement of Comprehensive Income
For the Year Ended December 31, 2014
$
$
$
$
$
$
:
$
$
2.
All over-the-counter receipts are registered by three clerks who share a cash register with a single cash drawer.
3.
To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked attaché case in the stock room until it is deposited in the bank.
4.
At the end of each day the total receipts are counted by the cashier on duty and reconciled to the cash register total.
5.
The company accountant makes the bank deposit and then records the day’s receipts.
Broadening Your Perspective 13-2
The financial statements of
The Hershey Company
and
Tootsie Roll
are presented below.
THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31,
2011
2010
2009
In thousands of dollars except per share amounts
Net Sales
$6,080,788
$5,671,009
$5,298,668
Costs and Expenses:
Cost of sales
3,548,896
3,255,801
3,245,531
Selling, marketing and administrative
1,477,750
1,426,477
1,208,672
Business realignment and impairment (credits) charges, net
(886
)
83,433
82,875
Total costs and expenses
5,025,760
4,765,711
4,537,078
Income before Interest and Income Taxes
1,055,028
905,298
761,590
Interest expense, net
92,183
96,434
90,459
Income before Income Taxes
962,845
808,864
671,131
Provision for income taxes
333,883
299,065
235,137
Net Income
$628,962
$509,799
$435,994
Net Income Per Share—Basic—Class B Common Stock
$2.58
$2.08
$1.77
Net Income Per Share—Diluted—Class B Common Stock
$2.56
$2.07
$1.77
Net Income Per Share—Basic—Common Stock
$2.85
$2.29
$1.97
Net Income Per Share—Diluted—Common Stock
$2.74
$2.21
$1.90
Cash Dividends Paid Per Share:
Common St ...
Problem 12-9AYour answer is partially correct. Try again..docxChantellPantoja184
Problem 12-9A
Your answer is partially correct. Try again.
Condensed financial data of Odgers Inc. follow.
ODGERS INC.Comparative Balance Sheets
December 31
Assets
2014
2013
Cash
$ 131,704
$ 78,892
Accounts receivable
143,114
61,940
Inventory
183,375
167,646
Prepaid expenses
46,292
42,380
Long-term investments
224,940
177,670
Plant assets
464,550
395,275
Accumulated depreciation
(81,500
)
(84,760
)
Total
$1,112,475
$839,043
Liabilities and Stockholders’ Equity
Accounts payable
$ 166,260
$ 109,699
Accrued expenses payable
26,895
34,230
Bonds payable
179,300
237,980
Common stock
358,600
285,250
Retained earnings
381,420
171,884
Total
$1,112,475
$839,043
ODGERS INC.Income Statement Data
For the Year Ended December 31, 2014
Sales revenue
$633,190
Less:
Cost of goods sold
$220,800
Operating expenses, excluding depreciation
20,228
Depreciation expense
75,795
Income tax expense
44,466
Interest expense
7,710
Loss on disposal of plant assets
12,225
381,224
Net income
$ 251,966
Additional information:
1.
New plant assets costing $163,000 were purchased for cash during the year.
2.
Old plant assets having an original cost of $93,725 and accumulated depreciation of $79,055 were sold for $2,445 cash.
3.
Bonds payable matured and were paid off at face value for cash.
4.
A cash dividend of $42,430 was declared and paid during the year.
Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
ODGERS INC.Statement of Cash Flows
For the Year Ended December 31, 2014
$
Adjustments to reconcile net income to
$
$
Problem 12-10A
Condensed financial data of Odgers Inc. follow.
ODGERS INC.Comparative Balance Sheets
December 31
Assets
2014
2013
Cash
$ 151,904
$ 90,992
Accounts receivable
165,064
71,440
Inventory
211,500
193,358
Prepaid expenses
53,392
48,880
Long-term investments
259,440
204,920
Plant assets
535,800
455,900
Accumulated depreciation
(94,000
)
(97,760
)
Total
$1,283,100
$967,730
Liabilities and Stockholders’ Equity
Accounts payable
$ 191,760
$ 126,524
Accrued expenses payable
31,020
39,480
Bonds payable
206,800
274,480
Common stock
413,600
329,000
Retained earnings
439,920
198,246
Total
$1,283,100
$967,730
ODGERS INC.Income Statement Data
For the Year Ended December 31, 2014
Sales revenue
$730,305
Less:
Cost of goods sold
$254,665
Operating expenses, excluding depreciation
23,331
Depreciation expense
87,420
Income taxes
51,286
Interest expense
8,892
Loss on disposal of plant assets
14,100
439,694
Net income
$ 290,611
Additional information:
1.
New plant assets costing $188,000 were purchased for c.
Once each year, a corporation communicates to its stockholders.docxvannagoforth
Once each year, a corporation communicates to its stockholders and other inter-
ested parties by issuing a complete set of audited ! nancial statements. The
annual report , as this communication is called, summarizes the ! nancial results
of the company’s operations for the year and its plans for the future. Many annual
reports are attractive, multicolored, glossy public relations pieces, containing
pictures of corporate of! cers and directors as well as photos and descriptions of
new products and new buildings. Yet the basic function of every annual report is
to report ! nancial information, almost all of which is a product of the corpora-
tion’s accounting system.
The content and organization of corporate annual reports have become fairly
standardized. Excluding the public relations part of the report (pictures, prod-
ucts, etc.), the following are the traditional ! nancial portions of the annual report:
• Financial Highlights
• Letter to the Stockholders
• Management’s Discussion and
Analysis
• Financial Statements
• Notes to the Financial
Statements
• Management’s Responsibility
for Financial Reporting
• Management’s Report on Internal
Control over Financial Reporting
• Report of Independent Registered
Public Accounting Firm
• Selected Financial Data
The of! cial SEC ! ling of the annual report is called a Form 10-K, which
often omits the public relations pieces found in most standard annual reports. On
the following pages, we present Apple Inc.’s ! nancial statements taken from the
company’s 2013 Form 10-K. To access Apple’s Form 10-K, including notes to the
! nancial statements, follow these steps:
1. Go to http://investor.apple.com.
2. Select the Financial Information tab.
3. Select the 10-K annual report dated September 28, 2013.
4. The Notes to Consolidated Financial Statements begin on page 50.
Specimen Financial
Statements: Apple Inc.
Appendix A
A-1
A-2 Appendix A Specimen Financial Statements: Apple Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except number of shares which are reflected in thousands and per share amounts)
See accompanying Notes to Consolidated Financial Statements.
Years ended
September 28, 2013 September 29, 2012 September 24, 2011
Net sales $ 170,910 $ 156,508 $ 108,249
Cost of sales 106,606 87,846 64,431
Gross margin 64,304 68,662 43,818
Operating expenses:
Research and development 4,475 3,381 2,429
Selling, general and administrative 10,830 10,040 7,599
Total operating expenses 15,305 13,421 10,028
Operating income 48,999 55,241 33,790
Other income/(expense), net 1,156 522 415
Income before provision for income taxes 50,155 55,763 34,205
Provision for income taxes 13,118 ...
Question 1 Your answer is correct. Indicate whether each o.docxmakdul
Question 1
Your answer is correct.
Indicate whether each of the following statements is true or false.
1.
The corporation is an entity separate and distinct from its owners.
True
2.
The liability of stockholders is normally limited to their investment in the corporation.
True
3.
The relative lack of government regulation is an advantage of the corporate form of business.
False
4.
There is no journal entry to record the authorization of capital stock.
True
5.
No-par value stock is quite rare today.
False
Question 2
Your answer is correct.
Garcia Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation’s capital stock.
May 2
Cash
103,320
Capital Stock
103,320
(Issued 7,380 shares of $11 par value common stock at $14 per share)
10
Cash
736,170
Capital Stock
736,170
(Issued 13,890 shares of $19 par value preferred stock at $53 per share)
15
Capital Stock
7,800
Cash
7,800
(Purchased 600 shares of common stock for the treasury at $13 per share)
On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
May 2
Cash
103320
Common Stock
81180
Paid-in Capital in Excess of Par Value-Common Stock
22140
May 10
Cash
736170
Preferred Stock
263910
Paid-in Capital in Excess of Par Value-Preferred Stock
472260
May 15
Treasury Stock
7800
Cash
7800
Question 3
Your answer is correct.
On October 31, the stockholders’ equity section of Pele Company’s balance sheet consists of common stock $787,200 and retained earnings $424,200.
Pele is considering the following two courses of action:
(1)
Declaring a 6% stock dividend on the 98,400 $8 par value shares outstanding
(2)
Effecting a 2-for-1 stock split that will reduce par value to $4 per share.
The current market price is $18 per share.
Prepare a tabular summary of the effects of the alternative actions on the company’s stockholders’ equity and outstanding shares.
Pele Company’s
Balance Sheet
Before Action
After Stock Dividend
After Stock Split
Stockholders’ equity
Paid-in capital
$ 787200
$ 893472
$ 787200
Retained earnings
424200
317928
424200
Total stockholders’ equity
$ 1211400
$ 1211400
$ 1211400
Outstanding shares
98400
104304
196800
Question 4
The stockholders’ equity section of Tootsie Roll Industries’ balance sheet is shown in the Consolidated Statement of Financial Position. (N ...
Below are two questions that includes financial statements, that i.docxikirkton
Below are two questions that includes financial statements, that is why it is so many pages.
Question 1
The financial statements of Tootsie Roll are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
$35,198
$54,246
$56,002
Retained earnings at beginning of year.
$135,866
$147,687
$144,949
Net earnings
43,938
53,063
53,157
Cash dividends
(18,360
)
(18,078
)
(17,790
)
Stock dividends
(47,175
)
(46,806
)
(32,629
)
Retained earnings at end of year
$114,269
$135,866
$147,687
Earnings per share
$0.76
$0.90
$0.89
Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
Assets
December 31,
2011
2010
CURRENT ASSETS:
Cash and cash equivalents
$78,612
$115,976
Investments
10,895
7,996
Accounts receivable trade, less allowances of $1,731 and $1,531
41,895
37,394
Other receivables
3,391
9,961
Inventories:
Finished goods and work-in-process
42,676
35,416
Raw materials and supplies
29,084
21,236
Prepaid expenses
5,070
6,499
Deferred income taxes
578
689
Total current assets
212,201
235,167
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land
21,939
21,696
Buildings
107,567
102,934
Machinery and equipment
322,993
307,178
Construction in progress
2,598
9,243
455,097
440,974
Less—Accumulated depreciation
242,935
225,482
Net property, plant and equipment
212,162
215,492
OTHER ASSETS:
Goodwill
73,237
73,237
Trademarks
175,024
175,024
Inv ...
1. (TCO A) Below you will find selected information (in millions) .docxhyacinthshackley2629
1. (TCO A) Below you will find selected information (in millions) from Coca-Cola Co.’s 2012 Annual Report.
Income Taxes Payable
$471
Short-term Investments and Marketable Securities
8,109
Cash
8,442
Other non-current Liabilities
10,449
Common Stock
1,760
Receivables
4,812
Other Current Assets
2,973
Long-term Investments
10,448
Other Non-current Assets
3,585
Property, Plant and Equipment
23,486
Trademarks
6,527
Other Intangible Assets
20,810
Allowance for Doubtful Accounts
53
Accumulated Depreciation
9,010
Accounts Payable
8,680
Short Term Notes Payable
17,874
Prepaid Expenses
2,781
Other Current Liabilities
796
Long-Term Liabilities
14,736
Paid-in-Capital in Excess of Par Value
11,379
Retained Earnings
55,038
Inventories
3,264
Treasury Stock
35,009
Other information taken from the Annual Report.
Sales Revenue for 2012
$48,017
Cost of Goods Sold for 2012
19,053
Net Income for 2012
9,019
Inventory Balance on 12/31/11
3,092
Net Accounts Receivable Balance on 12/31/11
4,920
Total Assets on 12/31/11
79,974
Equity Balance on 12/31/11
31,921
Required: 1: Using the information provided prepare a Balance Sheet. Separate the current assets from non-current assets and provide a total for each. Also, separate the current liabilities from the non-current liabilities and provide a total for each.
2: Using the Balance Sheet from your answer above, calculate the Current Ratio and Return on common stockholders’ equity. (Points : 36)
Question 2.2. (TCO B) The following selected data was retrieved from the Walmart, Inc. financial statements for the year ending January 31, 2013.
Accounts Payable
$38,080
Accounts Receivable
6,768
Cash
7,781
Common Stock
3,952
Cost of Goods Sold
352,488
Income Tax Expense
7,981
Interest Expense
2,064
Membership Revenues
3,048
Net Sales
466,114
Operating, Selling and Administrative Expenses
88,873
Retained Earnings
72,978
Required: 1: Using the information provided above, prepare a multiple-step income statement.
2: Calculate the Profit Margin, and Gross profit rate for the company. Be sure to provide the formula you are using, show your calculations, and discuss your findings and results.(Points : 36)
Question 3.3. 45. (TCO C) Please review the following real-world Hewlett Packard Statement of Cash flows and address the two questions below.
Cash flow from operating activities
In millions
In millions
For the year ended 2012
For the year ended 2011
Net (loss) earnings
$(12,650)
$7,074
Depreciation and amortization
5,095
4,984
Impairment of goodwill and purchased intangible assets
18,035
885
Stock-based compensation expense
635
685
Provision for doubtful accounts
142
81
Provision for inventory
277
217
Restructuring charges
2,266
645
Deferred taxes on earnings
(711)
166
Excess tax benefit from stock-based competition
(12)
(163)
Other, net
265
(46)
Accounts and financing receivables
1,269
(227)
Inventory
890
(1,252)
Accounts payable
(1,414)
275
Taxes on earnings
(320)
610
Restructuring
(840)
(1,002)
Other asse.
Exercise 12-1Putnam Corporation had these transactions during 20.docxgitagrimston
Exercise 12-1
Putnam Corporation had these transactions during 2014.
Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or noncash investing and financing activities.
(a)
Purchased a machine for $30,000, giving a long-term note in exchange.
(b)
Issued $50,000 par value common stock for cash.
(c)
Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000.
(d)
Declared and paid a cash dividend of $13,000.
(e)
Sold a long-term investment with a cost of $15,000 for $15,000 cash.
(f)
Collected $16,000 of accounts receivable.
(g)
Paid $18,000 on accounts payable.
IFRS 13-1
Ling Company reports the following information for the year ended December 31, 2014: sales revenue $1,000,000, cost of goods sold $700,000, operating expenses $200,000, and an unrealized gain on non-trading securities of $75,000. Prepare a statement of comprehensive income using the one-statement approach.
LING COMPANY
Statement of Comprehensive Income
For the Year Ended December 31, 2014
$
$
Problem 12-9A
Condensed financial data of Odgers Inc. follow.
ODGERS INC.Comparative Balance Sheets
December 31
Assets
2014
2013
Cash
$ 127,664
$ 76,472
Accounts receivable
138,724
60,040
Inventory
177,750
162,503
Prepaid expenses
44,872
41,080
Long-term investments
218,040
172,220
Plant assets
450,300
383,150
Accumulated depreciation
(79,000
)
(82,160
)
Total
$1,078,350
$813,305
Liabilities and Stockholders’ Equity
Accounts payable
$ 161,160
$ 106,334
Accrued expenses payable
26,070
33,180
Bonds payable
173,800
230,680
Common stock
347,600
276,500
Retained earnings
369,720
166,611
Total
$1,078,350
$813,305
ODGERS INC.Income Statement Data
For the Year Ended December 31, 2014
Sales revenue
$613,767
Less:
Cost of goods sold
$214,027
Operating expenses, excluding depreciation
19,608
Depreciation expense
73,470
Income tax expense
43,102
Interest expense
7,473
Loss on disposal of plant assets
11,850
369,530
Net income
$ 244,237
Additional information:
1.
New plant assets costing $158,000 were purchased for cash during the year.
2.
Old plant assets having an original cost of $90,850 and accumulated depreciation of $76,630 were sold for $2,370 cash.
3.
Bonds payable matured and were paid off at face value for cash.
4.
A cash dividend of $41,128 was declared and paid during the year.
Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
ODGERS INC.Statement of Cash Flows
For the Year Ended December 31, 2014
$
Adjustments to reconcile net income to
$
...
Broadening Your Perspective 8-1The financial statements of Toots.docxCruzIbarra161
Broadening Your Perspective 8-1
The financial statements of Tootsie Roll are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
$35,198
$54,246
$56,002
Retained earnings at beginning of year.
$135,866
$147,687
$144,949
Net earnings
43,938
53,063
53,157
Cash dividends
(18,360
)
(18,078
)
(17,790
)
Stock dividends
(47,175
)
(46,806
)
(32,629
)
Retained earnings at end of year
$114,269
$135,866
$147,687
Earnings per share
$0.76
$0.90
$0.89
Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
Assets
December 31,
2011
2010
CURRENT ASSETS:
Cash and cash equivalents
$78,612
$115,976
Investments
10,895
7,996
Accounts receivable trade, less allowances of $1,731 and $1,531
41,895
37,394
Other receivables
3,391
9,961
Inventories:
Finished goods and work-in-process
42,676
35,416
Raw materials and supplies
29,084
21,236
Prepaid expenses
5,070
6,499
Deferred income taxes
578
689
Total current assets
212,201
235,167
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land
21,939
21,696
Buildings
107,567
102,934
Machinery and equipment
322,993
307,178
Construction in progress
2,598
9,243
455,097
440,974
Less—Accumulated depreciation
242,935
225,482
Net property, plant and equipment
212,162
215,492
OTHER ASSETS:
Goodwill
73,237
73,237
Trademarks
175,024
175,024
Investments
96,161
64,461
Split dollar officer life insurance
74,209
.
A GUI design elements is a combination of technology and equipment.docxevonnehoggarth79783
A GUI design elements is a combination of technology and equipment to provide users with a platform that allows users to interact with it. A series of GUI components follow a visual language to represent the information stored in the computer. The most common elements include a combination of components such as model WIMP (window, icon, menu, pointing device) in the personal computer.
1. (TCO A) An advantage of the corporate form of business is that _____. (Points : 5)
it has limited life
its owner's personal resources are at stake
its ownership is easily transferable via the sale of shares of stock it is simple to establish
2. (TCO A) When a corporation distributes a dividend, _____. (Points : 5)
the most common form of distribution is a cash dividend the Dividends account will be increased with a credit
the Retained Earnings account will be directly increased with a debit the Dividends account will be decreased with a debit
3. (TCOs A, B) Below is a partial list of account balances for Denton Company:
Cash $7,000
Prepaid insurance 700
Accounts receivable 3,500
Accounts payable 2,800
Notes payable 4,200
Common stock 1,400
Dividends 700
Revenues 21,000
Expenses 17,500
What did Denton Company show as total credits? (Points : 5)
$30,100 $29,400 $28,700 $30,800
4. (TCOs B, E) A small and private company may be able to justify using a cash basis of accounting if it has _____. (Points : 5)
sales under $1,000,000 no accountants on staf
insignificant receivables and payables all sales and purchases on account
5. (TCO D) In a period of increasing prices, which inventory cost flow assumption will result in the lowest amount of income tax expense? (Points : 5)
FIFO
LIFO
The average cost method
Income tax expense for the period will be the same under all assumptions.
6. (TCOs A, E) Equipment was purchased for $60,000. Freight charges amounted to $2,800 and there was a cost of $8,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $12,000 salvage value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will be _____. (Points : 5)
$14,160 $11,760 $9,840 $9,600
7. (TCOs D, G) Lopez Corporation issues 500 ten-year, 8%, $1,000 bonds dated January 1, 2007, at 96. The journal entry to record the issuance will show a _____. (Points : 5)
debit to Cash of $500,000
credit to Discount on Bonds Payable for $20,000 credit to Bonds Payable for $480,000
debit to Cash for $480,000
8. (TCO C) Accounts receivable arising from sales to customers amounted to $35,000 and $40,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was
$120,000. Exclusive of the efect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is _____. (Points : 5)
$120,000 $125,000 $155,000 $115,000
9. (TCO F) Which one of the following is not a tool in fin.
1Exercise 8-4The ledger of Wainwright Company at the end of the cu.docxvickeryr87
1Exercise 8-4
The ledger of Wainwright Company at the end of the current year shows Accounts Receivable $76,000; Credit Sales $801,000; and Sales Returns and Allowances $50,000.
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(a)
If Wainwright uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Wainwright determines that Hiller’s $1,000 balance is uncollectible.
(b)
If Allowance for Doubtful Accounts has a credit balance of $990 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable.
(c)
If Allowance for Doubtful Accounts has a debit balance of $850 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable.
No.
Account Titles and Explanation
Debit
Credit
(a)
2
Broadening Your Perspective 8-1
The financial statements of
Tootsie Roll
are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
$35,198
$54,246
$56,002
Retained earnings at beginning of year.
$135,866
$147,687
$144,949
Net earnings
43,938
53,063
53,157
Cash dividends
(18,360
)
(18,078
)
(17,790
)
Stock dividends
(47,175
)
(46,806
)
(32,629
)
Retained earnings at end of year
$114,269
$135,866
$147,687
Earnings per share
$0.76
$0.90
$0.89
Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
Assets
December 31,
2011
2010
CURRE.
FS-3FORD MOTOR COMPANY AND SUBSIDIARIESCONSOLIDATED INCO.docxericbrooks84875
FS-3
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
(in millions, except per share amounts)
For the years ended December 31,
2016 2017 2018
Revenues
Automotive $ 141,546 $ 145,653 $ 148,294
Ford Credit 10,253 11,113 12,018
Mobility 1 10 26
Total revenues (Note 4) 151,800 156,776 160,338
Costs and expenses
Cost of sales 126,195 131,321 136,269
Selling, administrative, and other expenses 10,972 11,527 11,403
Ford Credit interest, operating, and other expenses 8,847 9,047 9,463
Total costs and expenses 146,014 151,895 157,135
Interest expense on Automotive debt 894 1,133 1,171
Interest expense on Other debt 57 57 57
Other income/(loss), net (Note 5) 169 3,267 2,247
Equity in net income of affiliated companies 1,780 1,201 123
Income before income taxes 6,784 8,159 4,345
Provision for/(Benefit from) income taxes (Note 7) 2,184 402 650
Net income 4,600 7,757 3,695
Less: Income/(Loss) attributable to noncontrolling interests 11 26 18
Net income attributable to Ford Motor Company $ 4,589 $ 7,731 $ 3,677
EARNINGS PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK (Note 8)
Basic income $ 1.16 $ 1.94 $ 0.93
Diluted income 1.15 1.93 0.92
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(in millions)
For the years ended December 31,
2016 2017 2018
Net income $ 4,600 $ 7,757 $ 3,695
Other comprehensive income/(loss), net of tax (Note 21)
Foreign currency translation (1,024) 314 (523)
Marketable securities (8) (34) (11)
Derivative instruments 219 (265) 183
Pension and other postretirement benefits 56 37 (56)
Total other comprehensive income/(loss), net of tax (757) 52 (407)
Comprehensive income 3,843 7,809 3,288
Less: Comprehensive income/(loss) attributable to noncontrolling interests 10 24 18
Comprehensive income attributable to Ford Motor Company $ 3,833 $ 7,785 $ 3,270
The accompanying notes are part of the consolidated financial statements.
FS-4
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in millions)
December 31,
2017
December 31,
2018
ASSETS
Cash and cash equivalents (Note 9) $ 18,492 $ 16,718
Marketable securities (Note 9) 20,435 17,233
Ford Credit finance receivables, net (Note 10) 52,210 54,353
Trade and other receivables, less allowances of $412 and $94 10,599 11,195
Inventories (Note 12) 11,176 11,220
Other assets 3,889 3,930
Total current assets 116,801 114,649
Ford Credit finance receivables, net (Note 10) 56,182 55,544
Net investment in operating leases (Note 13) 28,235 29,119
Net property (Note 14) 35,327 36,178
Equity in net assets of affiliated companies (Note 15) 3,085 2,709
Deferred income taxes (Note 7) 10,762 10,412
Other assets 8,104 7,929
Total assets $ 258,496 $ 256,540
LIABILITIES
Payables $ 23,282 $ 21,520
Other liabilities and deferred revenue (Note 16) 19,697 20,556
Automotive debt payable within one year (Note 18) 3,356 2,314
Ford Credit debt payable within one year (Note 18) 48,265 51,179
Total current liabilities 94,600 95,56.
Top of FormBottom of FormBroadening Your Perspective.docxedwardmarivel
Top of Form
Bottom of Form
Broadening Your Perspective 4-1
The financial statements of Tootsie Roll are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
$35,198
$54,246
$56,002
Retained earnings at beginning of year
$135,866
$147,687
$144,949
Net earnings
43,938
53,063
53,157
Cash dividends
(18,360
)
(18,078
)
(17,790
)
Stock dividends
(47,175
)
(46,806
)
(32,629
)
Retained earnings at end of year
$114,269
$135,866
$147,687
Earnings per share
$0.76
$0.90
$0.89
Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
Assets
December 31,
2011
2010
CURRENT ASSETS:
Cash and cash equivalents
$78,612
$115,976
Investments
10,895
7,996
Accounts receivable trade, less allowances of $1,731 and $1,531
41,895
37,394
Other receivables
3,391
9,961
Inventories:
Finished goods and work-in-process
42,676
35,416
Raw materials and supplies
29,084
21,236
Prepaid expenses
5,070
6,499
Deferred income taxes
578
689
Total current assets
212,201
235,167
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land
21,939
21,696
Buildings
107,567
102,934
Machinery and equipment
322,993
307,178
Construction in progress
2,598
9,243
455,097
440,974
Less—Accumulated depreciation
242,935
225,482
Net property, plant and equipment
212,162
215,492
OTHER ASSETS:
Goodwill
73,237
73,237
Trademarks
175,024
175,024
Investments
96,161
64,461
Split dollar o ...
Exercise 11-5Garcia Corporation recently hired a new accountant wi.docxmodi11
Exercise 11-5
Garcia Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation’s capital stock.
May 2
Cash
104,520
Capital Stock
104,520
(Issued 8,040 shares of $11 par value common stock at $13 per share)
10
Cash
821,700
Capital Stock
821,700
(Issued 14,940 shares of $19 par value preferred stock at $55 per share)
15
Capital Stock
9,240
Cash
9,240
(Purchased 840 shares of common stock for the treasury at $11 per share)
On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions.
(Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
pays out a higher percentage of its earnings.
Problem 11-5A
Pringle Corporation has been authorized to issue 21,700 shares of $100 par value, 9%, noncumulative preferred stock and 1,059,400 shares of no-par common stock.
The corporation assigned a $5 stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholders’ equity.
Preferred Stock
$165,300
Paid-in Capital in Excess of Par Value—Preferred Stock
21,340
Common Stock
2,080,000
Paid-in Capital in Excess of Stated Value—Common Stock
1,485,000
Treasury Stock— (3,450 common shares)
34,500
Retained Earnings
84,600
The preferred stock was issued for $186,640 cash. All common stock issued was for cash. In November 3,450 shares of common stock were purchased for the treasury at a per share cost of $10. No dividends were declared in 2014.
Prepare the journal entries for the following.
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(1)
Issuance of preferred stock for cash.
(2)
Issuance of common stock for cash.
(3)
Purchase of common treasury stock for cash.
No.
Account Titles and Explanation
Debit
Credit
1.
$
:
$
$
pays out a higher percentage of its earnings.
Problem 11-5A
Pringle Corporation has been authorized to issue 21,700 shares of $100 par value, 9%, noncumulative preferred stock and 1,059,400 shares of no-par common stock.
The corporation assigned a $5 stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholders’ equity.
Preferred Stock
$165,300
Paid-in Capital in Excess of Par Value—Preferred Stock
21,340
Common Stock
2,080,000
Paid-in Capital in Excess of Stated Value—Common Stock
1,485,000
Treasury Stock— (3,450 commo ...
(TCO A) Which one of the following is an advantage of corporations.docxmercysuttle
(TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? (Points : 5)
Reduced legal liability for investors
Harder to transfer ownership
Lower taxes
Most common form of organization
Question 2.2. (TCO A) The Dividends account _____. (Points : 5)
appears on the income statement along with the expenses of the business
must show transactions every accounting period
is increased with debits and decreased with credits
is considered a long-term asset of the firm
Question 3.3. (TCOs A, B) Below is a partial list of account balances for Denton Company:
Cash $7,000
Prepaid insurance 700
Accounts receivable 3,500
Accounts payable 2,800
Notes payable 4,200
Common stock 1,400
Dividends 700
Revenues 21,000
Expenses 17,500
What did Denton Company show as total credits? (Points : 5)
$30,100
$29,400
$28,700
$30,800
Question 4.4. (TCOs B, E) Under the accrual basis of accounting, _____. (Points : 5)
cash must be received before revenue is recognized
net income is calculated by matching cash outflows against cash inflows
events that change a company's financial statements are recognized in the period they occur rather than in the period in which cash is paid or received
the ledger accounts must be adjusted to reflect a cash basis of accounting before financial statements are prepared under generally accepted accounting principles
Question 5.5. (TCO D) Two companies report the same cost of goods available for sale, but each employs a different inventory costing method. If the price of goods has increased during the period, then the company using _____. (Points : 5)
LIFO will have the highest ending inventory
FIFO will have the highest cost of goods sold
FIFO will have the highest ending inventory
LIFO will have the lowest cost of goods sold
Question 6.6. (TCO A, E) Equipment was purchased for $17,000 on January 1, 2006. Freight charges amounted to $700 and there was a cost of $2,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $3,000 salvage value at the end of its 5-year useful life. What is the amount of accumulated depreciation at December 31, 2007, if the straight-line method of depreciation is used? (Points : 5)
$6,680
$3,340
$2,860
$5,720
Question 7.7. (TCOs D, G) Lopez Corporation issues 500 ten-year, 8%, $1,000 bonds dated January 1, 2007, at 96. The journal entry to record the issuance will show a _____. (Points : 5)
debit to Cash of $500,000
credit to Discount on Bonds Payable for $20,000
credit to Bonds Payable for $480,000
debit to Cash for $480,000
Question 8.8. (TCO C) Accounts receivable arising fro ...
(TCO A) Which one of the following is an advantage of corporatio.docxmercysuttle
(TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? (Points : 5)
Reduced legal liability for investors
Harder to transfer ownership
Lower taxes
Most common form of organization
Question 2. 2. (TCO A) When a corporation distributes a dividend, _____. (Points : 5)
the most common form of distribution is a cash dividend
the Dividends account will be increased with a credit
the Retained Earnings account will be directly increased with a debit
the Dividends account will be decreased with a debit
Question 3. 3. (TCOs A, B) Below is a partial list of account balances for Cerner Company:
Cash $5,000
Prepaid insurance 500
Accounts receivable 2,500
Accounts payable 2,000
Notes payable 3,000
Common stock 1,000
Dividends 500
Revenues 15,000
Expenses 12,500
What did Cerner Company show as total credits? (Points : 5)
$21,500
$21,000
$20,500
$22,000
Question 4. 4. (TCOs B, E) Under the accrual basis of accounting, _____. (Points : 5)
cash must be received before revenue is recognized
net income is calculated by matching cash outflows against cash inflows
events that change a company's financial statements are recognized in the period they occur rather than in the period in which cash is paid or received
the ledger accounts must be adjusted to reflect a cash basis of accounting before financial statements are prepared under generally accepted accounting principles
Question 5. 5. (TCO D) Three companies report the same cost of goods available for sale, but each employs a different inventory costing method. If the price of goods has increased during the period, then the company using _____. (Points : 5)
LIFO will have the highest ending inventory
FIFO will have the highest cost of goods sold
All three companies will have the same value for ending inventory.
average cost will have an ending inventory value that falls between FIFO and LIFO
Question 6. 6. (TCO A, E) Equipment was purchased for $17,000 on January 1, 2006. Freight charges amounted to $700 and there was a cost of $2,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $3,000 salvage value at the end of its 5-year useful life. What is the amount of accumulated depreciation at December 31, 2007, if the straight-line method of depreciation is used? (Points : 5)
$6,680
$3,340
$2,860
$5,720
Question 7. 7. (TCOs D, G) Lopez Corporation issues 500 ten-year, 8%, $1,000 bonds dated January 1, 2007, at 96. The journal entry to record the issuance will show a _____. (Points : 5)
debit to Cash of $500,000
credit to Discount on Bonds Payable for $20,000
...
2013 Financial Statements and Supplemental Inf.docxjoyjonna282
2013
Financial Statements and
Supplemental Information
For the Fiscal Year Ended December 31, 2013
1
FINANCIAL SECTION
TABLE OF CONTENTS
Business Profile 2
Financial Summary 3
Frequently Used Terms 4
Quarterly Information 6
Management’s Discussion and Analysis of Financial Condition
and Results of Operations
Functional Earnings 7
Forward-Looking Statements 8
Overview 8
Business Environment and Risk Assessment 8
Review of 2013 and 2012 Results 11
Liquidity and Capital Resources 15
Capital and Exploration Expenditures 20
Taxes 20
Environmental Matters 21
Market Risks, Inflation and Other Uncertainties 21
Critical Accounting Estimates 23
Management’s Report on Internal Control Over Financial Reporting 27
Report of Independent Registered Public Accounting Firm 28
Consolidated Financial Statements
Statement of Income 29
Statement of Comprehensive Income 30
Balance Sheet 31
Statement of Cash Flows 32
Statement of Changes in Equity 33
Notes to Consolidated Financial Statements
1. Summary of Accounting Policies 34
2. Accounting Changes 36
3. Miscellaneous Financial Information 36
4. Other Comprehensive Income Information 37
5. Cash Flow Information 38
6. Additional Working Capital Information 38
7. Equity Company Information 39
8. Investments, Advances and Long-Term Receivables 40
9. Property, Plant and Equipment and Asset Retirement Obligations 41
10. Accounting for Suspended Exploratory Well Costs 42
11. Leased Facilities 44
12. Earnings Per Share 44
13. Financial Instruments and Derivatives 45
14. Long-Term Debt 46
15. Incentive Program 47
16. Litigation and Other Contingencies 48
17. Pension and Other Postretirement Benefits 50
18. Disclosures about Segments and Related Information 58
19. Income, Sales-Based and Other Taxes 61
Supplemental Information on Oil and Gas Exploration and Production Activities 64
Operating Summary 79
Stock Performance Graphs 80
BUSINESS PROFILE
2
Return on Capital and
Earnings After Average Capital Average Capital Exploration
Income Taxes Employed Employed Expenditures
Financial 2013 2012 2013 2012 2013 2012 2013 2012
(millions of dollars) (percent) (millions of dollars)
Upstream
United States 4,191 3,925 59,898 57,631 7.0 6.8 9,145 11,080
Non-U.S. 22,650 25,970 93,071 81,811 24.3 31.7 29,086 25,004
Total 26,841 29,895 152,969 139,442 17.5 21.4 38,231 36,084
Downstream
United States 2,199 3,575 4,757 4,630 46.2 77.2 951 634
Non-U.S. 1,250 9,615 19,673 19,401 6.4 49.6 1,462 1,628
Total 3,449 13,190 24,430 24,031 14.1 54.9 2,413 2,262
Chem ...
Brief Exercise 9-11Suppose Nike, Inc. reported the following pla.docxhartrobert670
Brief Exercise 9-11
Suppose Nike, Inc. reported the following plant assets and intangible assets for the year ended May 31, 2014 (in millions): other plant assets $952.3; land $225.3; patents and trademarks (at cost) $534.9; machinery and equipment $2,066.4; buildings $921; goodwill (at cost) $164.1; accumulated amortization $44.5; and accumulated depreciation $2,229.
Prepare a partial balance sheet for Nike for these items. (List Property, Plant and Equipment in order of Land, Buildings and Equipment.)
NIKE, INC.
Partial Balance Sheet
As of May 31, 2014
(in millions)
$
$
:
$
:
Do It! Review 9-5
Match the statement with the term most directly associated with it.
(Goodwill, amortization, Research and development cost, Intangible assets, Franchise)
1.
Rights, privileges, and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance.
2.
The allocation of the cost of an intangible asset to expense in a rational and systematic manner.
3.
A right to sell certain products or services, or use certain trademarks or trade names within a designated geographic area.
4.
Costs incurred by a company that often lead to patents or new products. These costs must be expensed as incurred.
5.
The excess of the cost of a company over the fair value of the net assets required.
Exercise 9-7
Wang Co. has delivery equipment that cost $50,740 and has been depreciated $23,190.
Record entries for the disposal under the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(a)
It was scrapped as having no value.
(b)
It was sold for $37,380.
(c)
It was sold for $18,000.
No.
Account Titles and Explanation
Debit
Credit
(a)
(b)
(c)
Exercise 9-8
Here are selected 2014 transactions of Cleland Corporation.
Jan. 1
Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $61,370 and had a useful life of 10 years with no salvage value.
June 30
Sold a computer that was purchased on January 1, 2012. The computer cost $37,000 and had a useful life of 4 years with no salvage value. The computer was sold for $5,700 cash.
Dec. 31
Sold a delivery truck for $9,370 cash. The truck cost $25,050 when it was purchased on January 1, 2011, and was depreciated based on a 5-year useful life with a $3,670 salvage value.
Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Cleland Corporation uses straight-line depreciation. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
(To record depreciation expense for the fi ...
QUESTION The BP Pipeline case is a complex situational case abo.docxteofilapeerless
QUESTION:
The BP Pipeline case is a complex situational case about the actions of individuals and the practices of a large corporation.
At the heart of the dispute over whether or not BP acted with gross negligence and wilful misconduct in the 2010 Deepwater Horizon disaster is the “swiss cheese” model of complex accidents.
Hazardous activities are guarded against by multiple barriers and so long as any failures are scattered through them, the system as a whole will avoid an accident.
Research more into this topic and p
repare a 2-3 page paper that adequately addresses the the ethical and environmental issues in this case. Be sure to s
ummarize the BP Pipeline Case regarding Ethical Behaviors and Decision-Making.
.
Question Properties of life and recognizing living and nonliving .docxteofilapeerless
Question:
Properties of life and recognizing living and nonliving things.
Consider the properties and characteristics of life. Choose two items (one of which is alive or has been alive and one which has never been alive). Compare and contrast their characteristics. What characteristics do they share and how are they different? Be prepared to discuss the importance of the various characteristics of living things and how their combination makes life an emergent part of the universe.
.
More Related Content
Similar to Question 4The stockholders’ equity section of Tootsie Roll Indus.docx
Below are two questions that includes financial statements, that i.docxikirkton
Below are two questions that includes financial statements, that is why it is so many pages.
Question 1
The financial statements of Tootsie Roll are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
$35,198
$54,246
$56,002
Retained earnings at beginning of year.
$135,866
$147,687
$144,949
Net earnings
43,938
53,063
53,157
Cash dividends
(18,360
)
(18,078
)
(17,790
)
Stock dividends
(47,175
)
(46,806
)
(32,629
)
Retained earnings at end of year
$114,269
$135,866
$147,687
Earnings per share
$0.76
$0.90
$0.89
Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
Assets
December 31,
2011
2010
CURRENT ASSETS:
Cash and cash equivalents
$78,612
$115,976
Investments
10,895
7,996
Accounts receivable trade, less allowances of $1,731 and $1,531
41,895
37,394
Other receivables
3,391
9,961
Inventories:
Finished goods and work-in-process
42,676
35,416
Raw materials and supplies
29,084
21,236
Prepaid expenses
5,070
6,499
Deferred income taxes
578
689
Total current assets
212,201
235,167
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land
21,939
21,696
Buildings
107,567
102,934
Machinery and equipment
322,993
307,178
Construction in progress
2,598
9,243
455,097
440,974
Less—Accumulated depreciation
242,935
225,482
Net property, plant and equipment
212,162
215,492
OTHER ASSETS:
Goodwill
73,237
73,237
Trademarks
175,024
175,024
Inv ...
1. (TCO A) Below you will find selected information (in millions) .docxhyacinthshackley2629
1. (TCO A) Below you will find selected information (in millions) from Coca-Cola Co.’s 2012 Annual Report.
Income Taxes Payable
$471
Short-term Investments and Marketable Securities
8,109
Cash
8,442
Other non-current Liabilities
10,449
Common Stock
1,760
Receivables
4,812
Other Current Assets
2,973
Long-term Investments
10,448
Other Non-current Assets
3,585
Property, Plant and Equipment
23,486
Trademarks
6,527
Other Intangible Assets
20,810
Allowance for Doubtful Accounts
53
Accumulated Depreciation
9,010
Accounts Payable
8,680
Short Term Notes Payable
17,874
Prepaid Expenses
2,781
Other Current Liabilities
796
Long-Term Liabilities
14,736
Paid-in-Capital in Excess of Par Value
11,379
Retained Earnings
55,038
Inventories
3,264
Treasury Stock
35,009
Other information taken from the Annual Report.
Sales Revenue for 2012
$48,017
Cost of Goods Sold for 2012
19,053
Net Income for 2012
9,019
Inventory Balance on 12/31/11
3,092
Net Accounts Receivable Balance on 12/31/11
4,920
Total Assets on 12/31/11
79,974
Equity Balance on 12/31/11
31,921
Required: 1: Using the information provided prepare a Balance Sheet. Separate the current assets from non-current assets and provide a total for each. Also, separate the current liabilities from the non-current liabilities and provide a total for each.
2: Using the Balance Sheet from your answer above, calculate the Current Ratio and Return on common stockholders’ equity. (Points : 36)
Question 2.2. (TCO B) The following selected data was retrieved from the Walmart, Inc. financial statements for the year ending January 31, 2013.
Accounts Payable
$38,080
Accounts Receivable
6,768
Cash
7,781
Common Stock
3,952
Cost of Goods Sold
352,488
Income Tax Expense
7,981
Interest Expense
2,064
Membership Revenues
3,048
Net Sales
466,114
Operating, Selling and Administrative Expenses
88,873
Retained Earnings
72,978
Required: 1: Using the information provided above, prepare a multiple-step income statement.
2: Calculate the Profit Margin, and Gross profit rate for the company. Be sure to provide the formula you are using, show your calculations, and discuss your findings and results.(Points : 36)
Question 3.3. 45. (TCO C) Please review the following real-world Hewlett Packard Statement of Cash flows and address the two questions below.
Cash flow from operating activities
In millions
In millions
For the year ended 2012
For the year ended 2011
Net (loss) earnings
$(12,650)
$7,074
Depreciation and amortization
5,095
4,984
Impairment of goodwill and purchased intangible assets
18,035
885
Stock-based compensation expense
635
685
Provision for doubtful accounts
142
81
Provision for inventory
277
217
Restructuring charges
2,266
645
Deferred taxes on earnings
(711)
166
Excess tax benefit from stock-based competition
(12)
(163)
Other, net
265
(46)
Accounts and financing receivables
1,269
(227)
Inventory
890
(1,252)
Accounts payable
(1,414)
275
Taxes on earnings
(320)
610
Restructuring
(840)
(1,002)
Other asse.
Exercise 12-1Putnam Corporation had these transactions during 20.docxgitagrimston
Exercise 12-1
Putnam Corporation had these transactions during 2014.
Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or noncash investing and financing activities.
(a)
Purchased a machine for $30,000, giving a long-term note in exchange.
(b)
Issued $50,000 par value common stock for cash.
(c)
Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000.
(d)
Declared and paid a cash dividend of $13,000.
(e)
Sold a long-term investment with a cost of $15,000 for $15,000 cash.
(f)
Collected $16,000 of accounts receivable.
(g)
Paid $18,000 on accounts payable.
IFRS 13-1
Ling Company reports the following information for the year ended December 31, 2014: sales revenue $1,000,000, cost of goods sold $700,000, operating expenses $200,000, and an unrealized gain on non-trading securities of $75,000. Prepare a statement of comprehensive income using the one-statement approach.
LING COMPANY
Statement of Comprehensive Income
For the Year Ended December 31, 2014
$
$
Problem 12-9A
Condensed financial data of Odgers Inc. follow.
ODGERS INC.Comparative Balance Sheets
December 31
Assets
2014
2013
Cash
$ 127,664
$ 76,472
Accounts receivable
138,724
60,040
Inventory
177,750
162,503
Prepaid expenses
44,872
41,080
Long-term investments
218,040
172,220
Plant assets
450,300
383,150
Accumulated depreciation
(79,000
)
(82,160
)
Total
$1,078,350
$813,305
Liabilities and Stockholders’ Equity
Accounts payable
$ 161,160
$ 106,334
Accrued expenses payable
26,070
33,180
Bonds payable
173,800
230,680
Common stock
347,600
276,500
Retained earnings
369,720
166,611
Total
$1,078,350
$813,305
ODGERS INC.Income Statement Data
For the Year Ended December 31, 2014
Sales revenue
$613,767
Less:
Cost of goods sold
$214,027
Operating expenses, excluding depreciation
19,608
Depreciation expense
73,470
Income tax expense
43,102
Interest expense
7,473
Loss on disposal of plant assets
11,850
369,530
Net income
$ 244,237
Additional information:
1.
New plant assets costing $158,000 were purchased for cash during the year.
2.
Old plant assets having an original cost of $90,850 and accumulated depreciation of $76,630 were sold for $2,370 cash.
3.
Bonds payable matured and were paid off at face value for cash.
4.
A cash dividend of $41,128 was declared and paid during the year.
Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
ODGERS INC.Statement of Cash Flows
For the Year Ended December 31, 2014
$
Adjustments to reconcile net income to
$
...
Broadening Your Perspective 8-1The financial statements of Toots.docxCruzIbarra161
Broadening Your Perspective 8-1
The financial statements of Tootsie Roll are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
$35,198
$54,246
$56,002
Retained earnings at beginning of year.
$135,866
$147,687
$144,949
Net earnings
43,938
53,063
53,157
Cash dividends
(18,360
)
(18,078
)
(17,790
)
Stock dividends
(47,175
)
(46,806
)
(32,629
)
Retained earnings at end of year
$114,269
$135,866
$147,687
Earnings per share
$0.76
$0.90
$0.89
Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
Assets
December 31,
2011
2010
CURRENT ASSETS:
Cash and cash equivalents
$78,612
$115,976
Investments
10,895
7,996
Accounts receivable trade, less allowances of $1,731 and $1,531
41,895
37,394
Other receivables
3,391
9,961
Inventories:
Finished goods and work-in-process
42,676
35,416
Raw materials and supplies
29,084
21,236
Prepaid expenses
5,070
6,499
Deferred income taxes
578
689
Total current assets
212,201
235,167
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land
21,939
21,696
Buildings
107,567
102,934
Machinery and equipment
322,993
307,178
Construction in progress
2,598
9,243
455,097
440,974
Less—Accumulated depreciation
242,935
225,482
Net property, plant and equipment
212,162
215,492
OTHER ASSETS:
Goodwill
73,237
73,237
Trademarks
175,024
175,024
Investments
96,161
64,461
Split dollar officer life insurance
74,209
.
A GUI design elements is a combination of technology and equipment.docxevonnehoggarth79783
A GUI design elements is a combination of technology and equipment to provide users with a platform that allows users to interact with it. A series of GUI components follow a visual language to represent the information stored in the computer. The most common elements include a combination of components such as model WIMP (window, icon, menu, pointing device) in the personal computer.
1. (TCO A) An advantage of the corporate form of business is that _____. (Points : 5)
it has limited life
its owner's personal resources are at stake
its ownership is easily transferable via the sale of shares of stock it is simple to establish
2. (TCO A) When a corporation distributes a dividend, _____. (Points : 5)
the most common form of distribution is a cash dividend the Dividends account will be increased with a credit
the Retained Earnings account will be directly increased with a debit the Dividends account will be decreased with a debit
3. (TCOs A, B) Below is a partial list of account balances for Denton Company:
Cash $7,000
Prepaid insurance 700
Accounts receivable 3,500
Accounts payable 2,800
Notes payable 4,200
Common stock 1,400
Dividends 700
Revenues 21,000
Expenses 17,500
What did Denton Company show as total credits? (Points : 5)
$30,100 $29,400 $28,700 $30,800
4. (TCOs B, E) A small and private company may be able to justify using a cash basis of accounting if it has _____. (Points : 5)
sales under $1,000,000 no accountants on staf
insignificant receivables and payables all sales and purchases on account
5. (TCO D) In a period of increasing prices, which inventory cost flow assumption will result in the lowest amount of income tax expense? (Points : 5)
FIFO
LIFO
The average cost method
Income tax expense for the period will be the same under all assumptions.
6. (TCOs A, E) Equipment was purchased for $60,000. Freight charges amounted to $2,800 and there was a cost of $8,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $12,000 salvage value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will be _____. (Points : 5)
$14,160 $11,760 $9,840 $9,600
7. (TCOs D, G) Lopez Corporation issues 500 ten-year, 8%, $1,000 bonds dated January 1, 2007, at 96. The journal entry to record the issuance will show a _____. (Points : 5)
debit to Cash of $500,000
credit to Discount on Bonds Payable for $20,000 credit to Bonds Payable for $480,000
debit to Cash for $480,000
8. (TCO C) Accounts receivable arising from sales to customers amounted to $35,000 and $40,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was
$120,000. Exclusive of the efect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is _____. (Points : 5)
$120,000 $125,000 $155,000 $115,000
9. (TCO F) Which one of the following is not a tool in fin.
1Exercise 8-4The ledger of Wainwright Company at the end of the cu.docxvickeryr87
1Exercise 8-4
The ledger of Wainwright Company at the end of the current year shows Accounts Receivable $76,000; Credit Sales $801,000; and Sales Returns and Allowances $50,000.
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(a)
If Wainwright uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Wainwright determines that Hiller’s $1,000 balance is uncollectible.
(b)
If Allowance for Doubtful Accounts has a credit balance of $990 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable.
(c)
If Allowance for Doubtful Accounts has a debit balance of $850 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable.
No.
Account Titles and Explanation
Debit
Credit
(a)
2
Broadening Your Perspective 8-1
The financial statements of
Tootsie Roll
are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
$35,198
$54,246
$56,002
Retained earnings at beginning of year.
$135,866
$147,687
$144,949
Net earnings
43,938
53,063
53,157
Cash dividends
(18,360
)
(18,078
)
(17,790
)
Stock dividends
(47,175
)
(46,806
)
(32,629
)
Retained earnings at end of year
$114,269
$135,866
$147,687
Earnings per share
$0.76
$0.90
$0.89
Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
Assets
December 31,
2011
2010
CURRE.
FS-3FORD MOTOR COMPANY AND SUBSIDIARIESCONSOLIDATED INCO.docxericbrooks84875
FS-3
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
(in millions, except per share amounts)
For the years ended December 31,
2016 2017 2018
Revenues
Automotive $ 141,546 $ 145,653 $ 148,294
Ford Credit 10,253 11,113 12,018
Mobility 1 10 26
Total revenues (Note 4) 151,800 156,776 160,338
Costs and expenses
Cost of sales 126,195 131,321 136,269
Selling, administrative, and other expenses 10,972 11,527 11,403
Ford Credit interest, operating, and other expenses 8,847 9,047 9,463
Total costs and expenses 146,014 151,895 157,135
Interest expense on Automotive debt 894 1,133 1,171
Interest expense on Other debt 57 57 57
Other income/(loss), net (Note 5) 169 3,267 2,247
Equity in net income of affiliated companies 1,780 1,201 123
Income before income taxes 6,784 8,159 4,345
Provision for/(Benefit from) income taxes (Note 7) 2,184 402 650
Net income 4,600 7,757 3,695
Less: Income/(Loss) attributable to noncontrolling interests 11 26 18
Net income attributable to Ford Motor Company $ 4,589 $ 7,731 $ 3,677
EARNINGS PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK (Note 8)
Basic income $ 1.16 $ 1.94 $ 0.93
Diluted income 1.15 1.93 0.92
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(in millions)
For the years ended December 31,
2016 2017 2018
Net income $ 4,600 $ 7,757 $ 3,695
Other comprehensive income/(loss), net of tax (Note 21)
Foreign currency translation (1,024) 314 (523)
Marketable securities (8) (34) (11)
Derivative instruments 219 (265) 183
Pension and other postretirement benefits 56 37 (56)
Total other comprehensive income/(loss), net of tax (757) 52 (407)
Comprehensive income 3,843 7,809 3,288
Less: Comprehensive income/(loss) attributable to noncontrolling interests 10 24 18
Comprehensive income attributable to Ford Motor Company $ 3,833 $ 7,785 $ 3,270
The accompanying notes are part of the consolidated financial statements.
FS-4
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in millions)
December 31,
2017
December 31,
2018
ASSETS
Cash and cash equivalents (Note 9) $ 18,492 $ 16,718
Marketable securities (Note 9) 20,435 17,233
Ford Credit finance receivables, net (Note 10) 52,210 54,353
Trade and other receivables, less allowances of $412 and $94 10,599 11,195
Inventories (Note 12) 11,176 11,220
Other assets 3,889 3,930
Total current assets 116,801 114,649
Ford Credit finance receivables, net (Note 10) 56,182 55,544
Net investment in operating leases (Note 13) 28,235 29,119
Net property (Note 14) 35,327 36,178
Equity in net assets of affiliated companies (Note 15) 3,085 2,709
Deferred income taxes (Note 7) 10,762 10,412
Other assets 8,104 7,929
Total assets $ 258,496 $ 256,540
LIABILITIES
Payables $ 23,282 $ 21,520
Other liabilities and deferred revenue (Note 16) 19,697 20,556
Automotive debt payable within one year (Note 18) 3,356 2,314
Ford Credit debt payable within one year (Note 18) 48,265 51,179
Total current liabilities 94,600 95,56.
Top of FormBottom of FormBroadening Your Perspective.docxedwardmarivel
Top of Form
Bottom of Form
Broadening Your Perspective 4-1
The financial statements of Tootsie Roll are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
$35,198
$54,246
$56,002
Retained earnings at beginning of year
$135,866
$147,687
$144,949
Net earnings
43,938
53,063
53,157
Cash dividends
(18,360
)
(18,078
)
(17,790
)
Stock dividends
(47,175
)
(46,806
)
(32,629
)
Retained earnings at end of year
$114,269
$135,866
$147,687
Earnings per share
$0.76
$0.90
$0.89
Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
Assets
December 31,
2011
2010
CURRENT ASSETS:
Cash and cash equivalents
$78,612
$115,976
Investments
10,895
7,996
Accounts receivable trade, less allowances of $1,731 and $1,531
41,895
37,394
Other receivables
3,391
9,961
Inventories:
Finished goods and work-in-process
42,676
35,416
Raw materials and supplies
29,084
21,236
Prepaid expenses
5,070
6,499
Deferred income taxes
578
689
Total current assets
212,201
235,167
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land
21,939
21,696
Buildings
107,567
102,934
Machinery and equipment
322,993
307,178
Construction in progress
2,598
9,243
455,097
440,974
Less—Accumulated depreciation
242,935
225,482
Net property, plant and equipment
212,162
215,492
OTHER ASSETS:
Goodwill
73,237
73,237
Trademarks
175,024
175,024
Investments
96,161
64,461
Split dollar o ...
Exercise 11-5Garcia Corporation recently hired a new accountant wi.docxmodi11
Exercise 11-5
Garcia Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation’s capital stock.
May 2
Cash
104,520
Capital Stock
104,520
(Issued 8,040 shares of $11 par value common stock at $13 per share)
10
Cash
821,700
Capital Stock
821,700
(Issued 14,940 shares of $19 par value preferred stock at $55 per share)
15
Capital Stock
9,240
Cash
9,240
(Purchased 840 shares of common stock for the treasury at $11 per share)
On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions.
(Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
pays out a higher percentage of its earnings.
Problem 11-5A
Pringle Corporation has been authorized to issue 21,700 shares of $100 par value, 9%, noncumulative preferred stock and 1,059,400 shares of no-par common stock.
The corporation assigned a $5 stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholders’ equity.
Preferred Stock
$165,300
Paid-in Capital in Excess of Par Value—Preferred Stock
21,340
Common Stock
2,080,000
Paid-in Capital in Excess of Stated Value—Common Stock
1,485,000
Treasury Stock— (3,450 common shares)
34,500
Retained Earnings
84,600
The preferred stock was issued for $186,640 cash. All common stock issued was for cash. In November 3,450 shares of common stock were purchased for the treasury at a per share cost of $10. No dividends were declared in 2014.
Prepare the journal entries for the following.
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(1)
Issuance of preferred stock for cash.
(2)
Issuance of common stock for cash.
(3)
Purchase of common treasury stock for cash.
No.
Account Titles and Explanation
Debit
Credit
1.
$
:
$
$
pays out a higher percentage of its earnings.
Problem 11-5A
Pringle Corporation has been authorized to issue 21,700 shares of $100 par value, 9%, noncumulative preferred stock and 1,059,400 shares of no-par common stock.
The corporation assigned a $5 stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholders’ equity.
Preferred Stock
$165,300
Paid-in Capital in Excess of Par Value—Preferred Stock
21,340
Common Stock
2,080,000
Paid-in Capital in Excess of Stated Value—Common Stock
1,485,000
Treasury Stock— (3,450 commo ...
(TCO A) Which one of the following is an advantage of corporations.docxmercysuttle
(TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? (Points : 5)
Reduced legal liability for investors
Harder to transfer ownership
Lower taxes
Most common form of organization
Question 2.2. (TCO A) The Dividends account _____. (Points : 5)
appears on the income statement along with the expenses of the business
must show transactions every accounting period
is increased with debits and decreased with credits
is considered a long-term asset of the firm
Question 3.3. (TCOs A, B) Below is a partial list of account balances for Denton Company:
Cash $7,000
Prepaid insurance 700
Accounts receivable 3,500
Accounts payable 2,800
Notes payable 4,200
Common stock 1,400
Dividends 700
Revenues 21,000
Expenses 17,500
What did Denton Company show as total credits? (Points : 5)
$30,100
$29,400
$28,700
$30,800
Question 4.4. (TCOs B, E) Under the accrual basis of accounting, _____. (Points : 5)
cash must be received before revenue is recognized
net income is calculated by matching cash outflows against cash inflows
events that change a company's financial statements are recognized in the period they occur rather than in the period in which cash is paid or received
the ledger accounts must be adjusted to reflect a cash basis of accounting before financial statements are prepared under generally accepted accounting principles
Question 5.5. (TCO D) Two companies report the same cost of goods available for sale, but each employs a different inventory costing method. If the price of goods has increased during the period, then the company using _____. (Points : 5)
LIFO will have the highest ending inventory
FIFO will have the highest cost of goods sold
FIFO will have the highest ending inventory
LIFO will have the lowest cost of goods sold
Question 6.6. (TCO A, E) Equipment was purchased for $17,000 on January 1, 2006. Freight charges amounted to $700 and there was a cost of $2,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $3,000 salvage value at the end of its 5-year useful life. What is the amount of accumulated depreciation at December 31, 2007, if the straight-line method of depreciation is used? (Points : 5)
$6,680
$3,340
$2,860
$5,720
Question 7.7. (TCOs D, G) Lopez Corporation issues 500 ten-year, 8%, $1,000 bonds dated January 1, 2007, at 96. The journal entry to record the issuance will show a _____. (Points : 5)
debit to Cash of $500,000
credit to Discount on Bonds Payable for $20,000
credit to Bonds Payable for $480,000
debit to Cash for $480,000
Question 8.8. (TCO C) Accounts receivable arising fro ...
(TCO A) Which one of the following is an advantage of corporatio.docxmercysuttle
(TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? (Points : 5)
Reduced legal liability for investors
Harder to transfer ownership
Lower taxes
Most common form of organization
Question 2. 2. (TCO A) When a corporation distributes a dividend, _____. (Points : 5)
the most common form of distribution is a cash dividend
the Dividends account will be increased with a credit
the Retained Earnings account will be directly increased with a debit
the Dividends account will be decreased with a debit
Question 3. 3. (TCOs A, B) Below is a partial list of account balances for Cerner Company:
Cash $5,000
Prepaid insurance 500
Accounts receivable 2,500
Accounts payable 2,000
Notes payable 3,000
Common stock 1,000
Dividends 500
Revenues 15,000
Expenses 12,500
What did Cerner Company show as total credits? (Points : 5)
$21,500
$21,000
$20,500
$22,000
Question 4. 4. (TCOs B, E) Under the accrual basis of accounting, _____. (Points : 5)
cash must be received before revenue is recognized
net income is calculated by matching cash outflows against cash inflows
events that change a company's financial statements are recognized in the period they occur rather than in the period in which cash is paid or received
the ledger accounts must be adjusted to reflect a cash basis of accounting before financial statements are prepared under generally accepted accounting principles
Question 5. 5. (TCO D) Three companies report the same cost of goods available for sale, but each employs a different inventory costing method. If the price of goods has increased during the period, then the company using _____. (Points : 5)
LIFO will have the highest ending inventory
FIFO will have the highest cost of goods sold
All three companies will have the same value for ending inventory.
average cost will have an ending inventory value that falls between FIFO and LIFO
Question 6. 6. (TCO A, E) Equipment was purchased for $17,000 on January 1, 2006. Freight charges amounted to $700 and there was a cost of $2,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $3,000 salvage value at the end of its 5-year useful life. What is the amount of accumulated depreciation at December 31, 2007, if the straight-line method of depreciation is used? (Points : 5)
$6,680
$3,340
$2,860
$5,720
Question 7. 7. (TCOs D, G) Lopez Corporation issues 500 ten-year, 8%, $1,000 bonds dated January 1, 2007, at 96. The journal entry to record the issuance will show a _____. (Points : 5)
debit to Cash of $500,000
credit to Discount on Bonds Payable for $20,000
...
2013 Financial Statements and Supplemental Inf.docxjoyjonna282
2013
Financial Statements and
Supplemental Information
For the Fiscal Year Ended December 31, 2013
1
FINANCIAL SECTION
TABLE OF CONTENTS
Business Profile 2
Financial Summary 3
Frequently Used Terms 4
Quarterly Information 6
Management’s Discussion and Analysis of Financial Condition
and Results of Operations
Functional Earnings 7
Forward-Looking Statements 8
Overview 8
Business Environment and Risk Assessment 8
Review of 2013 and 2012 Results 11
Liquidity and Capital Resources 15
Capital and Exploration Expenditures 20
Taxes 20
Environmental Matters 21
Market Risks, Inflation and Other Uncertainties 21
Critical Accounting Estimates 23
Management’s Report on Internal Control Over Financial Reporting 27
Report of Independent Registered Public Accounting Firm 28
Consolidated Financial Statements
Statement of Income 29
Statement of Comprehensive Income 30
Balance Sheet 31
Statement of Cash Flows 32
Statement of Changes in Equity 33
Notes to Consolidated Financial Statements
1. Summary of Accounting Policies 34
2. Accounting Changes 36
3. Miscellaneous Financial Information 36
4. Other Comprehensive Income Information 37
5. Cash Flow Information 38
6. Additional Working Capital Information 38
7. Equity Company Information 39
8. Investments, Advances and Long-Term Receivables 40
9. Property, Plant and Equipment and Asset Retirement Obligations 41
10. Accounting for Suspended Exploratory Well Costs 42
11. Leased Facilities 44
12. Earnings Per Share 44
13. Financial Instruments and Derivatives 45
14. Long-Term Debt 46
15. Incentive Program 47
16. Litigation and Other Contingencies 48
17. Pension and Other Postretirement Benefits 50
18. Disclosures about Segments and Related Information 58
19. Income, Sales-Based and Other Taxes 61
Supplemental Information on Oil and Gas Exploration and Production Activities 64
Operating Summary 79
Stock Performance Graphs 80
BUSINESS PROFILE
2
Return on Capital and
Earnings After Average Capital Average Capital Exploration
Income Taxes Employed Employed Expenditures
Financial 2013 2012 2013 2012 2013 2012 2013 2012
(millions of dollars) (percent) (millions of dollars)
Upstream
United States 4,191 3,925 59,898 57,631 7.0 6.8 9,145 11,080
Non-U.S. 22,650 25,970 93,071 81,811 24.3 31.7 29,086 25,004
Total 26,841 29,895 152,969 139,442 17.5 21.4 38,231 36,084
Downstream
United States 2,199 3,575 4,757 4,630 46.2 77.2 951 634
Non-U.S. 1,250 9,615 19,673 19,401 6.4 49.6 1,462 1,628
Total 3,449 13,190 24,430 24,031 14.1 54.9 2,413 2,262
Chem ...
Brief Exercise 9-11Suppose Nike, Inc. reported the following pla.docxhartrobert670
Brief Exercise 9-11
Suppose Nike, Inc. reported the following plant assets and intangible assets for the year ended May 31, 2014 (in millions): other plant assets $952.3; land $225.3; patents and trademarks (at cost) $534.9; machinery and equipment $2,066.4; buildings $921; goodwill (at cost) $164.1; accumulated amortization $44.5; and accumulated depreciation $2,229.
Prepare a partial balance sheet for Nike for these items. (List Property, Plant and Equipment in order of Land, Buildings and Equipment.)
NIKE, INC.
Partial Balance Sheet
As of May 31, 2014
(in millions)
$
$
:
$
:
Do It! Review 9-5
Match the statement with the term most directly associated with it.
(Goodwill, amortization, Research and development cost, Intangible assets, Franchise)
1.
Rights, privileges, and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance.
2.
The allocation of the cost of an intangible asset to expense in a rational and systematic manner.
3.
A right to sell certain products or services, or use certain trademarks or trade names within a designated geographic area.
4.
Costs incurred by a company that often lead to patents or new products. These costs must be expensed as incurred.
5.
The excess of the cost of a company over the fair value of the net assets required.
Exercise 9-7
Wang Co. has delivery equipment that cost $50,740 and has been depreciated $23,190.
Record entries for the disposal under the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(a)
It was scrapped as having no value.
(b)
It was sold for $37,380.
(c)
It was sold for $18,000.
No.
Account Titles and Explanation
Debit
Credit
(a)
(b)
(c)
Exercise 9-8
Here are selected 2014 transactions of Cleland Corporation.
Jan. 1
Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $61,370 and had a useful life of 10 years with no salvage value.
June 30
Sold a computer that was purchased on January 1, 2012. The computer cost $37,000 and had a useful life of 4 years with no salvage value. The computer was sold for $5,700 cash.
Dec. 31
Sold a delivery truck for $9,370 cash. The truck cost $25,050 when it was purchased on January 1, 2011, and was depreciated based on a 5-year useful life with a $3,670 salvage value.
Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Cleland Corporation uses straight-line depreciation. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
(To record depreciation expense for the fi ...
QUESTION The BP Pipeline case is a complex situational case abo.docxteofilapeerless
QUESTION:
The BP Pipeline case is a complex situational case about the actions of individuals and the practices of a large corporation.
At the heart of the dispute over whether or not BP acted with gross negligence and wilful misconduct in the 2010 Deepwater Horizon disaster is the “swiss cheese” model of complex accidents.
Hazardous activities are guarded against by multiple barriers and so long as any failures are scattered through them, the system as a whole will avoid an accident.
Research more into this topic and p
repare a 2-3 page paper that adequately addresses the the ethical and environmental issues in this case. Be sure to s
ummarize the BP Pipeline Case regarding Ethical Behaviors and Decision-Making.
.
Question Properties of life and recognizing living and nonliving .docxteofilapeerless
Question:
Properties of life and recognizing living and nonliving things.
Consider the properties and characteristics of life. Choose two items (one of which is alive or has been alive and one which has never been alive). Compare and contrast their characteristics. What characteristics do they share and how are they different? Be prepared to discuss the importance of the various characteristics of living things and how their combination makes life an emergent part of the universe.
.
Question After reading the first 10 chapters and the economic n.docxteofilapeerless
Question: After reading the first 10 chapters and the economic news from the major newspaper such as the Wall Street Journal, New York Times, the Economist and the like, please write a three page paper to explain the three main goal of macroeconomics in the United States and make a diagnosis of the current state of the American economy.
-Economic Report
-
Remember that the report must be at least 3 pages long.
-
You must provide the reference for each of the source used in the paper
-
Please do not use Wikipedia and other open source
.
Question Answer any TEN of the following questions.1. How are.docxteofilapeerless
Question: Answer any TEN of the following questions.
1. How are multiplexers different from switchers?
2. Name the basic types of multiplexers?
3. Name the advanced features that can be incorporate into multiplexers.
4. Describe the principle of time division multiplexing.
5. Describe the significance of camera ID number in case of multiplexing operation.
6. Describe how a quad multiplexer works.
7. What do you understand by picture in a picture in relation to multiplexer.
8. Explain how a multi-picture mosaic display is generated.
9. Why do you need encoder and decoder along with multiplexer?
10. Describe the concept of time lapse recording mode.
11. Compare the performance of duplex multiplexer with that of triplex multiplexer.
12. How is digital recording different from analog recording?
13. Describe how video motion detection can be incorporated in to a multiplexer.
14. What external alarm sensors can be incorporated in to multiplexer?
15. Describe the concept of remote distributed multiplexing.
4 pages
.
Question 6What is stakeholder theory Explain.Your respons.docxteofilapeerless
Question 6
What is stakeholder theory? Explain.
Your response should be at least 200 words in length. You are required to use at least your textbook as source material for your response. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations.
Course Textbook
Hartman, L. P., DesJardins, J., & MacDonald, C. (2014).
Business ethics: Decision making for personal integrity & social responsibility
(3rd ed.). New York, NY: McGraw-Hill.
.
Question 6 Explain the significance of gatekeepers. Your respons.docxteofilapeerless
Question 6
Explain the significance of gatekeepers.
Your response should be at least 200 words in length. You are required to use at least your textbook as source material for your response. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations.
Course Textbook
Hartman, L. P., DesJardins, J., & MacDonald, C. (2014).
Business ethics: Decision making for personal integrity & social responsibility
(3rd ed.). New York, NY: McGraw-Hill.
.
Question 5. Look how great we are doing,” said Sawyer Mittlestaed.docxteofilapeerless
Question 5.
“Look how great we are doing,” said Sawyer Mittlestaedt, president of Elliott Company. “Our sales have grown from $1.6 million to $2.0 million this year, we about doubled our warehouse space, and we have more cash in the bank than we started with. A few more years of growth like this and we’ll be tops in the industry.”
“Yes, our statements look pretty good,” replied Endia Bush, the company’s vice president for finance. “But I have concerns that we’re doing business with a lot of companies we don’t know much about. But I do agree, we’re certainly selling a lot of merchandise; our inventory is actually down from last year.”
See statements on next page.
Elliott Company
Comparative Balance Sheets
At December 31, 2015 and 2014
2015
2014
Assets
Current assets:
Cash.
$42,000
$ 27,000
15000 incr
Marketable securities
19,000
13,000
Accounts receivable.
710,000
530,000
Inventory
848,000
860,000
Prepaid expenses
10,000
5,000
Total current assets
1,435,000
1,629,000
Long-term investments
60,000
110,000
Loans to subsidiaries
130,000
80,000
Plant and equipment
3,170,000
2,600,000
Less accumulated depreciation
810,000
755,000
Net plant and equipment
2,360,000
1,845,000
Patents
84,000
90,000
Total assets
$4,263,000
$3,560,000
Liabilities and Stockholders’ Equity
Current liabilities
:
Accounts payable
$ 970,000
$ 670,000
Accrued liabilities
65,000
82,000
Total current liabilities
1,035,000
752,000
Long-term Bonds Payable
820,000
600,000
Notes payable
95,000
80,000
Total liabilities
1,950,000
1,432,000
Stockholders’ equity:
Common stock
1,740,000
1,650,000
Retained earnings .
573,000
478,000
Total stockholders’ equity
2,313,000
2,128,000
Total liabilities and stock
$4,263,000
3,560,000
Elliott’s income statement for 2015 follows
Sales
$2,000,000
Cost of goods sold
1,300,000
Gross profit
700,000
Selling and administrative expenses
490,000
Net operating income
210,000
Nonoperating items:
Gain on sale of investments
$60,000
Loss on sale of equipment.
20,000
40,000
Income before taxes
250,000
Income taxes
80,000
Net income
$ 170,000
The following additional information is available about Elliott’s activities during 2015:
Cash dividends declared and paid to the common stockholders totaled $75,000.
Long-term BONDS with a value of $380,000 were repaid during the year.
Equipment was sold during the year for $70,000. The equipment had cost $130,000 and had $40,000 in accumulated depreciation on the date of sale.
Long-term investments were sold during the year for $110,000. These investments had cost $50,000 when purchased several years ago.
5-1. Ms. Bush asks you to prepare a statement of cash flow (indirect method) for 2015.
5-2. What is Elliott’s free cash flow? Interpret your findings.
5-3. Is Elliott Corp. doing as well as its CEO believes? Discuss.
Question 7.
Thompson Co..
Question 5The financial statements of The Hershey Company and .docxteofilapeerless
Question 5
The financial statements of
The Hershey Company
and
Tootsie Roll
are presented below.
THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31,
2011
2010
2009
In thousands of dollars except per share amounts
Net Sales
$6,080,788
$5,671,009
$5,298,668
Costs and Expenses:
Cost of sales
3,548,896
3,255,801
3,245,531
Selling, marketing and administrative
1,477,750
1,426,477
1,208,672
Business realignment and impairment (credits) charges, net
(886
)
83,433
82,875
Total costs and expenses
5,025,760
4,765,711
4,537,078
Income before Interest and Income Taxes
1,055,028
905,298
761,590
Interest expense, net
92,183
96,434
90,459
Income before Income Taxes
962,845
808,864
671,131
Provision for income taxes
333,883
299,065
235,137
Net Income
$628,962
$509,799
$435,994
Net Income Per Share—Basic—Class B Common Stock
$2.58
$2.08
$1.77
Net Income Per Share—Diluted—Class B Common Stock
$2.56
$2.07
$1.77
Net Income Per Share—Basic—Common Stock
$2.85
$2.29
$1.97
Net Income Per Share—Diluted—Common Stock
$2.74
$2.21
$1.90
Cash Dividends Paid Per Share:
Common Stock
$1.3800
$1.2800
$1.1900
Class B Common Stock
1.2500
1.1600
1.0712
The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey's 2011 Annual Report, available at www.thehersheycompany.com.
THE HERSHEY COMPANY
CONSOLIDATED BALANCE SHEETS
December 31,
2011
2010
In thousands of dollars
ASSETS
Current Assets:
Cash and cash equivalents
$693,686
$884,642
Accounts receivable—trade
399,499
390,061
Inventories
648,953
533,622
Deferred income taxes
136,861
55,760
Prepaid expenses and other
167,559
141,132
Total current assets
2,046,558
2,005,217
Property, Plant and Equipment, Net
1,559,717
1,437,702
Goodwill
516,745
524,134
Other Intangibles
111,913
123,080
Deferred Income Taxes
38,544
21,387
Other Assets
138,722
161,212
Total assets
$4,412,199
$4,272,732
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable
$420,017
$410,655
Accrued liabilities
612,186
593,308
Accrued income taxes
1,899
9,402
Short-term debt
42,080
24,088
Current portion of long-term debt
97,593
261,392
Total current liabilities
1,173,775
1,298,845
Long-term Debt
1,748,500
1,541,825
Other Long-term Liabilities
617,276
494,461
Total liabilities
3,539,551
3,335,131
Commitments and Contingencies
—
—
Stockholders’ Equity:
The Hershey Company Stockholders’ Equity
Preferred Stock, shares issued: none in 2011 and 2010
—
—
Common Stock, shares issued: 299,269,702 in 2011 and 299,195,325 in 2010
299,269
299,195
Class B Common Stock.
Question 8The contract interest rate for bondsA.must.docxteofilapeerless
Question
8:
The contract interest rate for bonds:
A.
must equal the effective interest rate.
B.
is greater than the effective interest rate when bonds are issued at a premium.
C.
has no relation to the cash flow associated with a particular bond.
D.
will fluctuate over the life of a bond.
E.
None of these.
Question
9:
Frick Corporation issued $100,000 of 7%, 15-year bonds on June 1, 2014 (dated April 1 2014) at 101 plus accrued interest, which is paid on April 1 and October 1.
The proper entry to record issuance of the bonds includes a debit to Cash for:
a.
$100,000.
b.
$101,000.
c.
$101,167.
d.
$102,167.
e.
None of these.
Question
10:
Which of the following statements about treasury stock is true?
a.
Excess of the sales price over cost should be credited to retained earnings.
b.
Gains are not recorded on treasury stock transactions but losses are.
c.
Losses on treasury stock transactions are recorded in income.
d.
Reacquiring treasury stock causes stockholders equity to decrease.
e.
None of these.
Question
11:
Frick Company has 100,000 shares of common stock outstanding. On April 15, the board declared a $.30 dividend to be paid to stockholders of record on May 4.
The dividend was distributed on May 15.
The proper journal entry for Frick Company on May 15 does not include:
a.
a credit to Dividends Payable for $30,000.
b.
a debit to Dividends for $30,000.
c.
a credit to Cash for $30,000.
d.
Both A and B, above.
e.
None of these.
Acct221
Page 4 of 8
Question
12:
In an effort to concentrate its resources in more profitable areas, Frick Corporation recently sold its family pizza restaurant segment.
The disposal constitutes:
a.
an extraodinary item.
b.
a discontinued operation which should be treated as a prior period adjustment.
c.
a discontinued operation which should be disclosed net-of-tax effects.
d.
a portion of income from continuing operations.
e.
None of these.
Question
13:
Frick Corporation has 100,000, 5%, $100 par preferred shares outstanding.
The stock is callable at 102, but was originally issued at 99.
The current dividend has been fully paid.
Total stockholders' equity is $20,000,000.
The residual common equity is:
a.
$20,000,000
b.
$10,100,000
c.
$10,000,000
d.
$9,800,000
e.
None of these.
Question
14:
Frick Company's balance sheet included cash ($4,000,000), accounts receivable ($16,000,000), inventories ($10,000,000), prepaid expenses ($2,000,000), accounts payable ($9,000,000), and accrued expenses ($7,000,000).
These are the only current items.
a.
The quick ratio is 2:1.
b.
The quick ratio is 1.25:1.
c.
The current ratio is 1.875:1.
d.
Both A and C.
e.
None of these.
Question
15:
Selected information for 2014 is: cost of goods sold, $5,400,000; average inventory, $1,800,000; net sales, $7,200,000; average receivables, $960,000; and net income, $720,000.
Assuming a 360-day year, what was the inventory turnover ratio for 2014?
a.
333
b.
3
c.
7.5
d.
20
e.
QUESTION 3
A.
Retribution
B.
Incapacitation
C.
Determinate Sentencing
D.
Deterrence
E.
Rehabilitation
F.
Restoration
G.
Indeterminate Sentencing
14 points
2 points
.
Question 2A group working at the University of California, Berke.docxteofilapeerless
Question 2
A group working at the University of California, Berkeley has developed “nanothermometers,” little nanoparticles that can be injected into cells to measure the temperature in various places in the cell. So far, it has been used in cells growing in a culture dish.
Indicate what you think the group will discover about the temperature in different parts of the cell. Discuss whether you believe it will be the same or different, and explain why.
.
Question 6
A.
The tendency to view all things from one’s own perspective, even when there is evidence against one’s position.
B.
Thinking for oneself rather than uncritically accepting the views of others.
C.
Striving to create disciplined thinking as well as holding oneself to the same standards that one holds others to.
D.
The failure to hold oneself to the same intellectual standards that one holds others to.
E.
The tendency to passively accept the views of others and agree with mass positions on issues.
F.
The fear of considering ideas that do not match our own.
G.
The art of thinking about one’s thinking with the goal of improving thinking.
H.
The tendency to think that the world is a better place when people learn to think for themselves, when they draw reasonable conclusions, and when they think logically.
I.
Awareness of the limits of human knowledge and a special focus on being aware of situations in which one is likely to be self-deceived due to native egocentrism.
J.
The tendency to give up the search for truth or understanding when difficult circumstances arise.
K.
The ability to push on in the face of intellectual adversity in order to understand more about the truth of an issue or idea.
L.
The willingness to face ideas and positions on issues that directly threaten our own ideas and beliefs.
M.
The tendency of the human mind to think that it knows more than it does, or that is in possession of the TRUTH.
N.
The tendency to feel threatened by logical thinking and scientific explanation, often the result of fear or the pain involved in analyzing one’s beliefs.
O.
The tendency to ignore other people’s ideas, thought, and feelings because their ideas do not address that with which one is interested.
NEED THIS IN ONE HOUR
.
Question 6.6. Mariel hires Andrew as manager of her sporting goo.docxteofilapeerless
Question 6.
6.
Mariel hires Andrew as manager of her sporting goods store. Nothing is said to Andrew about hiring other employees, but the store is understaffed, so Andrew hires two clerks. Andrew has what type of authority to hire the clerks? (Points : 1)
[removed] Actual authority
[removed] Apparent authority
[removed] Ratified authority
[removed] No authority
.
Question 6 Outline the business reasons to limiting monito.docxteofilapeerless
Question 6
Outline the business reasons to limiting monitoring.
Your response should be at least 200 words in length. You are required to use at least your textbook as source material for your response. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations.
Course Textbook
Hartman, L. P., DesJardins, J., & MacDonald, C. (2014).
Business ethics: Decision making for personal integrity & social responsibility
(3rd ed.). New York, NY: McGraw-Hill.
.
Question 6 (1 point)The full child tax credit is available to .docxteofilapeerless
Question 6 (1 point)
The full child tax credit is available to unmarried taxpayers whose AGI does not exceed:
$55,000.
$11,000.
$75,000.
$150,000.
$125,000.
Question 7 (1 point)
For tuition expenses paid during the year for a student attending graduate school, an education credit is available that is equal to:
100% of up to $2,500 of such expenses.
20% of up to $2,500 of such expenses.
20% of up to $10,000 of such expenses.
50% of up to $10,000 of such expenses.
$2,000 plus 25% of the next $2,000 of such expenses.
Question 8 (1 point)
The maximum child and dependent care credit that a married couple with three qualifying children can claim is:
Question 8 options:
$2,100.
$1,800.
$3,150.
$1,200.
$2,400.
Question 9 (1 point)
The additional child tax credit is claimed on:
Question 9 options:
Form 2441.
Schedule 8812.
Form 8863.
Schedule EIC.
Form 1116.
Question 10 (1 point)
Which of the following taxpayers cannot file Form 1040EZ?
A taxpayer with more than $99,999 of taxable income
A taxpayer receiving unemployment compensation
A taxpayer with taxable scholarship income
None of the above taxpayers can file Form 1040EZ
All of the above taxpayers can file Form 1040EZ
Question 16 (1 point)
John pays his former wife Rose $3,100 in alimony and $400 in child support each month. Assuming John makes all 12 payments during the year, how much of the $42,000 must Rose include in gross income:
$37,200.
$42,000.
$4,800.
$0.
None of the above.
Question 17 (1 point)
As part of their divorce agreement, Harry transfers to Mary, his former spouse, GM stock with a market value of $30,000. Harry had $20,000 invested in the stock. How does this transfer affect Harry, and what is Mary's basis in the stock?
Harry has no gain or loss, and Mary's basis is $20,000.
Harry has no gain or loss, and Mary's basis is $30,000.
Harry has a gain of $10,000, and Mary's basis is $20,000.
Harry has a gain of $10,000, and Mary's basis is $30,000.
None of the above.
Question 18 (1 point)
Employees are required to report the amount of tips they receive to their employer when their tips for the month exceed:
$0.
$20.
$25.
$100.
None of the above.
Question 19 (1 point)
On January 1, 2014, Ron pays $92,550 for corporate bonds that have a $100,000 face value. The bonds were originally issued 10 years earlier for $94,660. Prior to January 1, 2014, the previous owner had included $3,100 of original issue discount (OID) in gross income. The amount of Ron's market discount on the bonds is:
$2,110.
$7,450.
$5,340
$5,210.
$4,350.
Question 20 (1 point)
In computing the taxable amount of social security benefits, the (first-tier) base amount for a married person who files jointly with her spouse is:
$0.
$16,000.
$25,000.
$32,000.
$50,000.
.
Question 2 of 205.0 PointsPopper’s demarcation criterion of fals.docxteofilapeerless
Question 2 of 20
5.0 Points
Popper’s demarcation criterion of falsifiability runs into two difficulties. One of which is:
[removed]
A. historical Zeitgeists.
[removed]
B. scientific theories actually compete with each other as well as with nature.
[removed]
C. it does not agree with the nomological approach.
[removed]
D. fulfilling all your desires without exception.
Question 3 of 20
5.0 Points
In the Hempel and Oppenheim covering-law model of explanation, explanation is basically the same as:
[removed]
A. understanding.
[removed]
B. control.
[removed]
C. prediction.
[removed]
D. superstition.
Question 4 of 20
5.0 Points
Who was the Archaic Greek Philosopher that in essence told his student, “This is how I see things- how I believe things are. Try to improve upon my teaching.”
[removed]
A. Leahey
[removed]
B. Achilles
[removed]
C. Elgin Marbles
[removed]
D. Thales
Question 5 of 20
5.0 Points
According to Thomas Kuhn, most eras in science are dominated by a single
Weltanschauung
called a(n):
[removed]
A. Gestalt.
[removed]
B. research plan.
[removed]
C. paradigm.
[removed]
D. axiom set.
Question 6 of 20
5.0 Points
Like Wittgenstein, the
Weltanschauung
approach to science views science as being:
[removed]
A. essentially rational.
[removed]
B. engaged in the search for truth.
[removed]
C. based on models of nature.
[removed]
D. a form of life.
Question 7 of 20
5.0 Points
In a Kuhn’s view of science, what provides scientists with a blueprint and foundation for scientific enterprises?
[removed]
A. The covering law
[removed]
B. The falsification test
[removed]
C. Anomalies
[removed]
D. A paradigm
Question 8 of 20
5.0 Points
The thesis that unobserved, theoretically postulated entities actually exist is called:
[removed]
A. instrumentalism.
[removed]
B. realism.
[removed]
C. unificationism.
[removed]
D. positivism.
Question 9 of 20
5.0 Points
The most important Greek moral value was
sophrosyne
, which meant:
[removed]
A. finding your true inner personality by asking family to help you.
[removed]
B. fulfilling all your desires without exception.
[removed]
C. private contemplation of the gods.
[removed]
D. self control, the kind that springs from wisdom.
Question 10 of 20
5.0 Points
Imagine the author of a History of Psychology textbook (known as book X) devotes a single chapter to “The Great Men of Psychology.” In contrast, the author of your textbook has sought to place psychology within larger social and historical patterns. One could argue that your history of psychology text represents an example of __________ while text book (X) represents a more __________ dimension.
[removed]
A. externalism; internal
[removed]
B. internalism; external
[removed]
C. a nomological perspective; semantic
[removed]
D. naturalism; deductive
Question 11 of 20
5.0 Points
The "New History" criticizes the "Old History" for:
[removed]
A. presenting history "from below."
[rem.
Question 20 1.5 pointsIn 1876, George Armstr.docxteofilapeerless
Question 2
0 / 1.5 points
In 1876, George Armstrong Custer made his "last stand" against the Apache in Kansas.
Question options:
False
Question 3
0 / 1.5 points
The Santa Clara Case made it easier to regulate big business.
Question options:
True
False
Question 4
0 / 1.5 points
Eugene Debs was the president of the American Railway Union, which organized the Pullman Railroad Strike.
Question options:
True
False
Question 5
0 / 1.5 points
Most Americans blamed the labor unions for the violence associated with the labor strikes in the late 19th century.
Question options:
True
False
Question 6
0 / 1.5 points
Grover Cleveland was the only Democrat to serve as President during the Gilded Age.
Question options:
True
False
Question 7
0 / 1.5 points
________, passed in the Southern states just after the Civil War, outlined the rights and restrictions of the former slaves.
Question options:
Reconstruction Acts
Black Codes
16th Amendment
Freedman's Law
Question 8
0 / 1.5 points
The _________ assisted the former slaves during Reconstruction in education, legal matters, etc.
Question options:
Ku Klux Klan
Grand Army of the Republic
Reconstruction government
Freedmen's Bureau
Question 9
0 / 1.5 points
During the Reconstruction Era, _______ were particularly terrorized by the Ku Klux Klan in the South.
Question options:
Former Black Slaves
Jews
Catholics
Scalawags
Question 10
0 / 1.5 points
__________ was the winner of the controversial presidential election of 1876.
Question options:
Grover Cleveland
William McKinley
Rutherford Hayes
Benjamin Harrison
Question 11
0 / 1.5 points
Which one of the following statements about Reconstruction is correct?
Question options:
It is generally considered a failure.
It is generally considered a success.
Most freedmen did not think it was important to own land to achieve freedom.
Congress and the Presidents willingly shared all aspects of Reconstruction policy.
Question 12
0 / 1.5 points
Which one of the following is not a significance of the West?
Question options:
It gave the United States many of its natural resources.
It reinforced the American national characteristics of hard work, self-reliance, and independence.
It slowed down economic growth.
It helped lead to a careless attitude toward the environment.
Question 13
0 / 1.5 points
Which one of the following was not one of the many factors that contributed to the Industrial Revolution?
Question options:
Technology and Inventions
Abundance of natural resources
High wages
Government policies
Question 14
0 / 1.5 points
This was a determination by the federal Congress and the President of the steps necessary for the former Confederate States and their citizens to take in order to regain their rights as states and citizens.
Question options:
Political Reconstruction
14th Amendment
Social Reconstruction
Economic Reconstruction
Question 15
0 / 1.5 points
These Radical Republicans in Congress wan.
Question 1·examine two (2) economic effects that you believe t.docxteofilapeerless
Question 1
·
examine two (2) economic effects that you believe the Iranian elections have on other countries that are currently allies with this nation. Provide a rationale for your response.
·
Suggest two (2) factors that make the United States, Saudi Arabia, and the European Union allies on the world stage of politics. Provide two (2) pieces of evidence to support your rationale.
Question 2
·
select the theory that you believe has the explanatory and predictive power regarding the confrontation between the United States and Iran. Justify your rationale.
·
Give your opinion of two (2) currently used policy prescriptions, using international relations paradigms, which you believe will impact the U.S. domestic policy over the next two years. Justify your response.
Reading:
·
Theories of International Relations: Realism and Liberalism
This week we will begin by examining realism and liberalism, which are two of the major paradigms of international relations.
Realism focuses on the problems of international conflict. All realist theories share four central assumptions. First, realism places immense emphasis on the idea that international politics is anarchic. An anarchic system creates a security dilemma, where states are forced to arm themselves, but this can lead to an arms race. A second assumption of realism is that states are the central actors in international politics. Third, realists view states as unitary actors or as a single coherent entity. Fourth, realists assume that state behavior is rational.
Within the realist paradigm, it is also important to understand that the distribution of power is the most important force in international politics. Because power plays a central role in realist theories, defining and measuring power are critical. Both military power and economic power are important to any understanding of realism.
One variant of realism is balance of power theory, which suggests that power will be relatively evenly distributed in the world because states will counter each other’s attempts to dominate.
Another variant of realism is hegemonic stability theory. This theory contradicts balance of power theory because it argues that stability results not from a balance among the great powers, but from unipolarity where one dominant state ensures some degree of order in the system.
Realism is criticized for a variety of reasons. First, some believe that anarchy is simply an historical circumstance, which may now be replaced by another condition. Second, some believe that it is no longer valid to focus exclusively on the state, because nonstate actors are becoming increasingly important. A third criticism focuses on the assumption that the state is unitary and rational. Many reject this hypothesis, arguing instead that there are many different variables that influence a state’s foreign policy.
Liberalism is another major paradigm within international relations. Liberalism centers on the rights of the individual, arguing.
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Honest Reviews of Tim Han LMA Course Program.pptxtimhan337
Personal development courses are widely available today, with each one promising life-changing outcomes. Tim Han’s Life Mastery Achievers (LMA) Course has drawn a lot of interest. In addition to offering my frank assessment of Success Insider’s LMA Course, this piece examines the course’s effects via a variety of Tim Han LMA course reviews and Success Insider comments.
Question 4The stockholders’ equity section of Tootsie Roll Indus.docx
1. Question 4
The stockholders’ equity section of
Tootsie Roll Industries’
balance sheet is shown in the Consolidated Statement of
Financial Position.
(Note that Tootsie Roll has two classes of common stock. To
answer the following questions, add the two classes of stock
together.)
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in
thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
2. Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
3. Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
4. Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
10. )
Retained earnings at end of year
$114,269
$135,866
$147,687
Earnings per share
$0.76
$0.90
$0.89
11. Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these
statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in
thousands except per share data)
Assets
22. NONCURRENT LIABILITES:
Deferred income taxes
43,521
47,865
Postretirement health care and life insurance benefits
26,108
20,689
Industrial development bonds
7,500
23. 7,500
Liability for uncertain tax positions
8,345
9,835
Deferred compensation and other liabilities
48,092
46,157
Total noncurrent liabilities
133,566
132,046
SHAREHOLDERS’ EQUITY:
24. Common stock, $.69-4/9 par value—120,000 shares
authorized—36,479 and 36,057 respectively, issued
25,333
25,040
Class B common stock, $.69-4/9 par value—40,000 shares
authorized—21,025 and 20,466 respectively, issued
14,601
14,212
Capital in excess of par value
533,677
505,495
25. Retained earnings, per accompanying statement
114,269
135,866
Accumulated other comprehensive loss
(19,953
)
(11,213
)
Treasury stock (at cost)—71 shares and 69 shares, respectively
(1,992
)
(1,992
)
Total shareholders’ equity
26. 665,935
667,408
Total liabilities and shareholders’ equity
$857,856
$857,959
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Cash Flows (in thousands)
For the year ended December 31,
2011
2010
27. 2009
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings
$43,938
$53,063
$53,157
Adjustments to reconcile net earnings to net cash provided by
operating activities:
32. Prepaid expenses and other assets
5,106
4,936
5,203
Accounts payable and accrued liabilities
84
2,180
(2,755
)
Income taxes payable and deferred
(5,772
36. )
Purchase of available for sale securities
(39,252
)
(9,301
)
(11,331
)
Sale and maturity of available for sale securities
7,680
8,208
17,511
37. Net cash used in investing activities
(51,157
)
(16,808
)
(16,364
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Shares repurchased and retired
(18,190
)
(22,881
)
38. (20,723
)
Dividends paid in cash
(18,407
)
(18,130
)
(17,825
)
Net cash used in financing activities
(36,597
)
(41,011
)
(38,548
)
Increase (decrease) in cash and cash equivalents
39. (37,364
)
24,986
22,082
Cash and cash equivalents at beginning of year
115,976
90,990
68,908
Cash and cash equivalents at end of year
$78,612
$115,976
$90,990
40. Supplemental cash flow information
Income taxes paid
$16,906
$20,586
$22,364
Interest paid
$38
41. $49
$182
Stock dividend issued
$47,053
$46,683
$32,538
(The accompanying notes are an integral part of these
statements.)
Answer the following questions.
Your answer is incorrect. Try again.
What is the par or stated value per share of Tootsie Roll’s
common stock?
(Round answer to 4 decimal places, e.g. 1.2531.)
Par or stated value per share
42. $
pays out a higher percentage of its earnings.
Question 6
Pringle Corporation has been authorized to issue 21,300 shares
of $100 par value, 8%, noncumulative preferred stock
and 1,117,900 shares of no-par common stock.
The corporation assigned a $4 stated value to the common
stock. At December 31, 2014, the ledger contained the
following balances pertaining to stockholders’ equity.
Preferred Stock
$165,700
Paid-in Capital in Excess of Par Value—Preferred Stock
20,470
Common Stock
2,150,000
Paid-in Capital in Excess of Stated Value—Common Stock
1,678,000
Treasury Stock— (4,450 common shares)
53,400
Retained Earnings
83,200
The preferred stock was issued for $186,170 cash. All common
stock issued was for cash. In November 4,450 shares of common
stock were purchased for the treasury at a per share cost of $12.
No dividends were declared in 2014.
Prepare the journal entries for the following.
(Credit account titles are automatically indented when amount
is entered. Do not indent manually.)
43. (1)
Issuance of preferred stock for cash.
(2)
Issuance of common stock for cash.
(3)
Purchase of common treasury stock for cash.
No.
Account Titles and Explanation
Debit
Credit
1.
45. $
[removed]
SHOW LIST OF ACCOUNTS
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
Your answer is incorrect. Try again.
Calculate the payout ratio and return on common stockholders’
equity.
(Round answers to 1 decimal place, e.g. 12.5%.)
Payout ratio
[removed]
%
Return on common stockholders’ equity
[removed]
%
SHOW LIST OF ACCOUNTS
LINK TO TEXT
LINK TO TEXT